So in that time I should have around $25-30k in pure profit saved up in rents.Once I have finished the rehab and stabilized the property I plan to either sell or refinance within the year.

Then, you need to keep managing your payments to actually have savings to make it worth while.  

Additionally, my wife and I plan to retire in NC (still a few years out from that ; ) but we're actively planning and focusing our investment strategy in the Raleigh-Durham area.

RE is a get rich slow game and there are increasing number of people talking about how difficult it is to retire from your day job even with large numbers of rentals because cash flow is thin.On the one hand there is the Small But Mighty portfolio mentality which I believe is a book in the BP store by Chad Carson.

The ability to do what you want, when you want, and have money coming in to support that.Things to work on: savings, credit, going to local real estate meetups, listening to podcasts, reading books.

If he has no retirement money stacked away or financially in a good place I would invest.

Using a HELOC for the down payment is feasible if you have a plan to repay it with bonus payments and tax savings.

It is possible as@Ashish Acharya said that you might still have some tax savings from the one purchase as a partial exchange.

This will save you on subscription costs.If you want to discuss any of this further, I'm happy to answer questions and help walk you through it.Best of luck!

@Kristee BadetHouse hacking involves living in a multi-unit property and renting out others, potentially offsetting mortgage costs and allowing savings for a personal home.