Eliminate debt, establish a budget, and save.

Sounds like a lot of moving parts and hoops for the amount of tax savings, but that's just my risk/reward profile speaking.

@Kristin Boekhoff to add to the great input from @Jason Taken:1) To save money, you really want to clean as little as possible.

We actually are lucky enough to have found private investors over the years. 

Inspections may cost more upfront, but they can save you from significant headaches and unexpected expenses down the road.Negotiate Hard: Use inspection findings as leverage.If the HVAC is near the end of its life, negotiate a credit for its replacement.If the cast iron plumbing is deteriorating and needs replacement, ask for a credit as well.Sellers often prefer negotiating credits over doing the work themselves.To give you an example: I was once under contract for an old house priced at $170,000.

Also, focus on building a solid understanding of deal analysis, financing options, and project management—it’ll save you time and money in the long run.

I believe I can qualify for the HELOC on my own, saving my wife with additional debt ( when used) on her credit.Is there anything to think about if I apply to the HELOC solo?

Start SavingOnce you land a job, build up your savings for your first deal.

Some things matter more than saving an extra $200/month because you chose to live in a market you didn't necessarily like.

As private money lenders, protecting your investment starts with careful borrower vetting.