Well, apart from “if you give me $3000.”Luckily this is a co-living model through PadSplit so I have some income coming in.

@Kin LayThere could be gift tax, income tax, and property tax implications to a proposed transfer. 

His credit score is fine but his income is showing too low to get the loan, so I though maybe I could use my HELOC to make the purchase and do a Lease to Own.

The appeal of having a second source of income is very appealing and I would like to be able to build wealth outside of my W2 job. 

Firstly, it often generates higher rental income compared to long-term leases, particularly in desirable locations or during peak seasons.

Account Closed said, income and assets are the only "hassle" with a conventional loan.

I'm looking to make this part of the retirement stream of income rather than an effort to accumulate multiple properties.

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

For active investments I advocate considering how you can diversify WITHOUT ceding your competitive advantage nor the superior profitability of the niche your in.As an example my business is running an investment fund and syndication high interest commercial mortgage loans secured by income producing real estate. 

Plus, compared to other parts of Florida, the Panhandle is still relatively affordable, making it a great option for first-time investors or those looking to diversify their portfolio.Another huge perk is Florida’s no state income tax and landlord-friendly laws, which make it easier to manage and profit from rental properties.