They are either going to be financially strapped or leave the area, or both.

A triplex or quadplex could provide more units for rental income, but obviously will require more financing, so having your financials and pre-approval lined up early is key.Since you’re already looking to network, attending local real estate meetups is a great idea—you can also connect with seasoned investors or agents specializing in Long Island properties who can offer advice specific to the area. 

@Zach RumfieldI agree with @Bill B. and @Bruce Woodruff that, financially, this is probably a no brainer and that you should run the numbers to see how it pencils out because, even though your dad already owns the property, there are likely still some upfront costs to consider.1.

She's claiming financial hardship due to some personal issues and is asking if we can apply the deposit towards her November rent, and she'll make it up.

Hi @Greg Scott,I’ve been questioning that too, I know they’re in a tough financial spot right now so it’s entirely possible they don’t.

When you have strong financial discipline, then you'll be ready to invest.

It sounds like you’ve made some great financial moves with stable income and savings.You mentioned that you’re focused on multi-family, which can be a fantastic investment, especially if you’re considering house hacking.

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.

But definitely needs some financial education.