With no extra cash flow to pay-down the HELOC, it just feels like you're stretched too thin.Another consideration is that your your debt service coverage ratio (DSCR) on that second property would be close to 1, which would make it difficult to obtain bank approval for it anyway.My recommendation would be to either partner up or let your first property accumulate cash flow and stock-pile your W-2 savings before embarking on a second property. 

I thought about real estate but i realized that the best way for me to be happy in whichever real estate objective i embarked on it has to be something that i can enjoy doing and of course provide financial freedom where i can quit my j-o-b and build generational wealth for my kids, grandkids and beyond!

Logically, it would have been best long-term to renovate unit by unit, raise rents, and get it cash flowing like the other building - especially since much less was needed to renovate/update each unit -  but selling it felt like the right thing to do at this moment because I'm not actually ready to scale back on my full time job, and I don't want to embark on another series of renovations.The good news is I'm not out anything, and it's been an amazing lesson.   

My most recent purchase from HUD took 45 days since they messed up the paperwork.Very frustrating, but there will be other "opportunities" to streamline as you embark on this journey.Good luck!

I'm about to embark on the same journey soon and interested to know how other folks are doing it. 

my name is Han Bae and i am embarking on a new journey in real estate investing.  

Some great answers, so taking a different approach to the question: View this as a business experiment that you and your PM are jointly embarking on.

Congratulations to you as you embark on a new and more rewarding chapter in your life.

Not to say that we need to be cutthroat about this, but most of us here on the forums are small business people and our families rely on us to make the correct decision - which is almost always the one that brings in the buck.....Something to remember as you embark on your journey....... :-) Being nicey nice and good to others is wonderful sentiment until it takes away from your own life and family.

Ask yourself what you would rather see when you look in the mirror: a person who collected "their money" at any cost, or someone who wished a cancer patient well as they embarked on the always hard, usually uncertain journey of starting cancer treatment.I know which choice would allow me to look myself in the mirror and still respect myself.