Most banks that carry Fannie/Freddie loans have a seasoning period of 6 months which is a long when you have carrying costs. 

I know the big thing would be to factor that full heloc payment into your carrying costs equation. 

FSBO, expired leads, local homeowners)- Nurture your network consistently via phone, email, text, in-person events- Set as many appointments as you can to get in front of people and explain your value proposition... then go back to nurturing the contact until they have a question or need something from you- While doing all of the above, try to avoid/ignore the 'shiny objects' that are sold to agents on a daily basis. 

For example, a sandwich lease carries some of the same risks that any landlord faces, what I call the tenants and toilets issues. 

Anybody have some sample wording for a seller carry back mortgage note that is held inside of a tax deferred exchange? 

Even if you have to pay more for the purchase think about the costs of carrying the real estate while waiting for the approvals  (debt service, property taxes, insurance, maintenance for the in-place tenant) and the additonal finance charges associated with originating an acquisiton/bridge loan and then a construciton loan at a later date. 

The $25,000 deduction phases out as you earn up to $150,000.If your income is above $150,000, your rental losses are suspended and carried forward.The above wouldn't apply if you can claim real estate professional status.

However, it demands strategic and cautious handling.The advantage lies in accessing capital without selling existing investments, but the risk involves putting your primary residence on the line if you can't meet the loan obligations.A HELOC should not be your primary choice, as it carries more risk than a traditional mortgage with higher interest rates.Considering your stable income and disciplined approach to investing, focus on saving for the down payment.

There is the carrying cost in the time it takes to do this.Would this addition make it stand out in the neighborhood?

Based on the limited info - back of the napkin says not to go any further on the duplex you're looking at unless you have deep pockets to carry it while you wait for the capital gain.