It’s important to ensure you’re comfortable with these risks and consult a financial advisor.If you choose to use a HELOC, consider traditional financing or private loans as alternatives if you prefer not to risk your home.As for your first rental, markets in the Midwest and Southeast offer great opportunities with turnkey properties that are tenant-ready and appreciating.

keep in mind all the fuel is now gone.. so wild fire will not be an issue going forward as long as folks do more of a desert style landscaping and dont plant things that burn like Eucalyptus as one poster mentioned those things go up like a roman candle at 4th of July.

As a student without W2 income, you may need to show alternative income sources like savings, freelance work, or a job offer.

Myself I thought about 2017 was going to be kind of the end of the 10 year cycle and I actually put a presentation together called the Pivot looking at alternative ways to invest in RE. 

Thanks for your time and help,Melissa   I’m going to provide some alternative advice.  

If, through the process of renovating the property, the market shifts, do you have an alternate plan for the property, whether it be to live in it until the market improves, or convert it to a rental property, etc. 

Alternative Lenders – Look for private lenders or debt funds that focus on asset-based lending rather than borrower experience.

Establish an emergency fund and target stable long-term rentals or short-term rentals in markets you understand.House hacking or private lending can offer alternative entry points depending on your risk tolerance and hands-on involvement.

Thanks,GeneOne can move old IRAs into a self-directed IRA (Equity Trust, Inspira/Quest, Etc.) and then use the funds to invest in or buy and hold real estate (also other alternative investments). 

I do appreciate that thorough alternative perspective.