I recently opened a HELOC and I recall it's at prime for the first year (7.5% currently), and I only paid minimal closing costs.PML or HML I would expect rates >10%, plus points, possible prepayment penalties etc.

Your current single-family property has a $1,000 monthly out-of-pocket expense—consider selling and using a 1031 exchange to acquire a multifamily property with better cash flow.

Quote from @Cody Ford: Im currently looking at a property that has tenants living in them.

In some cases, after crunching the numbers, the profit margin was so slim—or even negative—that I had to pass on some promising opportunities.Here’s my situation: I currently own two properties—a primary residence and a rental property—both of which have substantial equity.

The problem is that you don't get an opportunity to do an inspection before you buy.If you buy pre-sale from the owner, you have arrears to bring current, getting the owner to move after you have solved their problem and taken the pressure off, along with the previously listed concerns.

There isn't enough information in here about the current state of the house to be able to advise you, but I would think #3 is a definite no as it seems unnecessary from a cost perspective although that market has scale to accept it.

This is what I do currently but it's a process of purchase, rehab, wait 4-6 months, refi, then wrap and sell (and risk DOS clauses).

Current comps rent for $2450+ and the mortgage + HOA is $2180. 

I am currently in the process of getting a REAL RE License.God Bless

The market is slow currently and you need to check flood zones and assess insurance costs when underwriting a deal.