That's how I started and I have helped a few others start that way.

Does the property already have a decently sized master bedroom and master bathroom?

Quote from @Clayton Silva: Quote from @Jeffrey Blackman: Quote from @Clayton Silva: 2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. 

We liked Philadelphia at the time.

Like wearing shades at a resort's pool with hooters waitresses they paid to hang out with and a lambo rented from Turo. 

The right agent will provide a pro forma breakdown on every property they look at, have repair costs estimated, CapEx, etc...

If this is a purchase by you then the issue is that you already have an exchange going. 

Have a Backup Plan: Annual Rental Numbers Matter•Always know the annual rental numbers in case you need to pivot to a long-term rental model.

You will lose ALL tax benefits and owe all the capital gains that would have gone away. 

@Joseph Opoku Yeah you can still get positive cash flow from day 1 in pretty much all areas except the A class neighborhoods.