I manage my own portfolio and have worked as a PM for a very successful individual but have never considered managing other peoples properties.

Hi Michael, Using a HELOC to fund your first rental can be a smart move, especially if you want to keep your cash on hand for other expenses or future deals.

I don't often see people talk about it very much on here at all.

The idea is to use this property as an office space, giving me the separation I need from home while providing a place for my assistant to work where I can be more hands-on with them.The business would pay rent for the property, which would cover its expenses.

I don't know the #'s off hand but I feel safe in saying L.A. would go bankrupt yr2 if not yr1.It's not remotely feasible.  

So along comes Mr Sub2, singing how he will waive his hand and make the bad go away. 

Highly recommend (I require) collecting first month's rent prior to handing over keys.

I do want to thank people for taking the time to answer this. 

If I'm mentally and emotionally all-in on the incoming administration and think the economy is going to be amazing, best economy with the biggest hands ever, etc etc, then I can do better than gov't bonds, given the emotions I am experiencing.

congrats on the Naca program I have sold a  handful of my OREO to Naca buyers.. its a great program takes some resolve to go through their initiation process.