@Jordyn Ohs Assuming your heloc is re-advanceable and the rate is higher than your mortgage, I would suggest you pay your HELOC down as quickly as possible with any cash flow from the properties.

Purchase price: $425,000 Cash invested: $5,000 ell after just 6 months of owning.

Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

   #9  SWEETEN the POT:    Do not think that paying extra rent is going to entice owners to rent to you. 

In order to refinance a home you must have six months title seasoning to use a "New appraisal" but keep in mind only certain lenders and programs allow a cash out refinance at the 6th month mark.

Purchase price: $425,000 Cash invested: $5,000 Helped my past client out of a difficult situation.

One huge benefit of a private/HML loan is the strength of making an offer when competing with cash buyers.

One month vacancy can eat up all the cash flow.

This also only works for cash buyers willing to buy and hold. 

What is best for a newbie with little cash on hand?