@Sean GammonsConsider adding a partner for the second deal to share the down payment and mortgage responsibility, keeping DTI manageable.

When we built up the triplex, we set it up so that each of the 11 rooms can be rented out individually (all BR, except 2, have their own bathroom behind an electronically locked door).

Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

If he uses the HELOC responsibly, he'll be able to serially buy performing hard assets and eventually get to the point where the monthly cash flow will provide future down payments.6.

I have yet to get a response as to how to proceed.

I've Been renting all four rooms in my house out individually for about 10 months now.

I told him he can break the lease, but according to his contract until I find a tenant - he will be responsible to pay the lease. 

Thanks for the response.

Ask them if they'd mind sharing their experience with you.. if they'd recommend the area or not, and lastly if they could maybe send you a P/L sheet to see their income, expenses etc.You might run into some hosts that aren't responsive or any help, but it just takes a few people to share insight to get a good idea of the market you're dealing with.

That being said, you could be the individual who helps identify this respective vendor.