Get a trusted contractor to go through the walkthrough with you. 

Here's some copy & paste info you might find interesting:----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Why is Property Class so important for investors to understand and apply in their investing strategies?

Depending on your flavor, this could be good or bad.Connect with a great property manager early on, as many won't work just any property in any part of the City.Being an east coast city, our housing stock is fairly old and unless it's been properly rehabbed, will have typical "old house" maintenance.None of this is meant to discourage you from investing in multi units in Baltimore, but I'd try to set realistic expectations about the market here.TLDR; we have a wide variety of "multi-unit" structures in Baltimore.

It's 2025 and I'm going to get serious about investing.

Would anyone care to recommend a bank, credit union, etc that will do a HELOC on an investment property?

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details:After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

What kind of investment strategies have you been considering?

Hi Ashlynn, what is your investment criteria?

Does anyone know of a lender that will give a HELOC on an investment property.  

Lastly, are your real estate investing goals centered around this endeavor or for your personal portfolio, or both?