I just read up on the concept and it makes a ton of sense to me.The real challenge is finding a 2-4 unit home that I'd like to live in. :)

What pro/cons do you see in applying this concept? 

Thompson shows he is knowledgeable, thoughtful and is willing to share meaningful, useful details, versus those who only give overly vague general concepts. 

Neat concept and great investment opportunity for sure. 

Asset protection is key concept that I picked up from Rich Dad Poor Dad book "Unfair Advantage" by Rober Kiyosaki, and my limited understanding tells me that I should have an LLC to protect my personal assets from the property, that is a cool $800/ year here in California.

Now I understand the concept of buying high selling low!

So the concept is live in it temporarily, then move out at first chance once I can get that unit fixed up and rented too.

You could obviously use the HELOC, or borrow the down from your 401k, you could save cash for a down payment and get standalone financing for the new buy, or any number of things.There's plenty of SFR near you that would cost less then 165k, and I'd be tempted to use just as much equity as I needed to put a down on the first one and get it rolling before repeating the process.I wondered if you'd ever heard of the Infinite Banking Concept?

It’s a pretty basic concept. 

The concept sounds great but it's hard to find a lot of information in the public realm outside what their site provides.