Speaking with a lender is a good plan, they can help you plan for the future.  

I’ve also thought of plans for a smaller scale venue too.

For down payment, plan to need 30-40%.

We are looking into getting a fixer upper and plan to rent out our original residence ( Zillow says we can get $2700 median rent in our area ) while moving and fixing up the new house.

@Jacob AndersonI've only used my HELOC for investing when I have a quick exit plan.

But if your a W 2 and real estate is how you are planning on retiring by investing that is a completely different lifestyle and motivation and game plan. 

My friend and I are planning to buy an investment property (My second his first).

I don’t want to spend a month in a dump.  

That being said, I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection as it relates to real estate.

Check with your lender about any owner-occupancy requirements tied to your mortgage.Market Analysis: If you plan to rent it out in the future, take a close look at rental market trends in your area.