I'm thinking I can get a nice purchase price if I under cut the banks by 1% and offer 15% required down as opposed to the traditional 20%.

Just curious, what did you end up purchasing after and why?

I purchase my personal investments to maximize their equity and hold long term.

@Amir PortalRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

In this case my plan is to use a HELOC on my primary residence to purchase the property in Puerto Rico.

Purchase price: $376,613 Moved to Orange Park, Florida, from Delaware three years ago, choosing this home as the perfect place to settle and grow.

I am from the Chicago area and looking to purchase my first property in the next 3-6 months. 

Quote from @Anthony Maffei: I purchased a two-family property in 2017 and now have around $500K in positive equity.

Looking at purchasing small 3 BR 1 BA house.

Your purchasing an outcome, your purchasing KNOWLEDGE, skill, expertise, RESULTS.