We eventually plan on adding more properties and its not whether we should or should not create an llc, I believe we are set on it.

If this is your approach, you will end up eventually get a bad taste of the lending industry as a whole.

If you're buying it shortly and THEN after you own it will it be ready and available for rent-the costs will be capitalized and accounted for with the basis of the property as well (when you eventually buy it). 

Eventually someone bites.

I also work as a RN and looking to transition to real estate full time eventually.

You can eventually refinance all or most of your funds if not done correctly. 

I'd consider renting for a period of time and identify a particular area you'd like to eventually buy.

If he uses the HELOC responsibly, he'll be able to serially buy performing hard assets and eventually get to the point where the monthly cash flow will provide future down payments.6.

I don't anticipate things to be that bad this time, but the value dropped over 25% back then and we are unsustainable at the point of the affordability cycle we are at now.You basically will be buying a monthly debt, speculating the value of the property is eventually going to go higher than you bought it for.

Make a plan that eventually leads to owning property that throws off cash after you purchase it.