I think your plan has merit. 

My wife and I just bought our first condo over the summer and plan to turn it into a rental later on down the road.

Yes, definitely open up a HELOC even if you don't plan on using it.

2) How long can your reserves support the negative cashflow3) What's your plan to solve negative cashflow long-term?

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

I plan on driving alot to find distressed or run down multifamily properties that possibly are owned by an out of state investor and reaching out however would like everyone's opinion or personal experience on some other creative ways.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Network with experienced investors, choose a real estate strategy, research markets with job and population growth, learn financing options, familiarize yourself with property management, develop a long-term plan, and leverage your stock experience to evaluate markets and trends.Good luck!

It’s an interesting opportunity if it aligns with your overall plans.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.