@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.

The workshop shows how SDIRA owners can earn double-digit returns by owning real estate as a bank. 

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?

By accelerating your depreciation schedules, you reduce your taxable income which in turn increases your operating cash flow.

Quote from @Max Emory: @Bob Asad, there are a lot of different account structures out there but absolutely keep security deposits in a separate account from your opex/income account.