Not sure your situation financially but even your $100,000 HELOC is going to probably run you $12,000 additional each year in expense that you've got to factor in.

You’d need a clear exit plan and enforceable lease terms to protect your investment.Think about the following:Tenant Risk – Can they truly recover financially, or will you face another eviction situation?

FHA is easier to qualify for and allows for higher debt to income.If you have not spoken to your lender already, you should also just look into the HomeStyle Renovation loan.

Note origination where the borrower owns multiple properties with little or no debt, needs a loan for an acquisition, but can’t produce proof of income sufficient to get institutional financing.  

Provided I can establish a solid investment plan tailored to their financial needs/comforts such as debt ratios and income, they would be more than happy to offer me some financial control.Additionally, If I wanted to, for the sake of building my own personal wealth, I admittedly have the luxury of taking a loan from my parents.

This year I am ready to make my first step towards financial independence.

@Jerry Velezif a property is owned outright with no mortgages, debts or liens on it, then it can (potentially) be purchased on seller financing. 

And you do not technically have to replace debt. 

It's effective interest is similar to Mezz-debt at current rates but a bit lower.   

And as you can read here on BP this is probably the number one recipe for financial failure.