I'm not sure I can copy and paste my Excel spreadsheet, so i will approximate the numbers here.Strategy:Take a Home Equity Loan (second) on our primary @ 5%.Pay off existing HELOC (variable, at 7.5% now), use remainder ($120k) to buy the land (plus 30k of our own cash).

This property is in the next state over from me (only about 90 min away) and is a 5 unit, therefore I'm looking at a commercial loan. 

My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

If you are interested in becoming a landlord or buy and hold investor a great way to get started is by house hacking a multifamily with an owner occupied loan. 

If you are using a loan, well there is simply no inventory in Cleveland.

The DSCR loan will have one.

Then once the 1031 is done if “legal” take a loan out an buy your new primary house.  6.  

When your LLC takes a loan, expect as members to personally guarantee the debt.

Based on our 1031 and commercial loan, we are trying to figure out how to separate out some of the duds.

I got approved for a HELOAN on my primary property but not sure if I should take the loan to just use as “leverage/reserves” to show the HML and get funded.