I didn't know that I could view stats on FF in my city, I'll for sure have to check that out. 

Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents). 

Take into consideration that when the person you gifted the property to will have special tax considerations as well 

Obviously I don't know your entire situation so take my thoughts with a grain of salt.That peace of mind you get from a HELOC could be misplaced.

Just take some time and look around. 

But again, if you're going to take it down to change out furnishings anyway, then the timing could work out well.

It desn't take a lot for someone who knows a little to view someone who knows slightly more as an "authority".7.

One of the most successful investors that I know in my area told me that his business really didn’t take off until year 10.

There are no problems being a landlord , just buy a property take the first renter that applies and rake in the cash . 

I did view their financials in January of this year they looked good to me.