If I was starting from scratch, I would buy a duplex/triplex/quadplex, live in the crappiest unit and rent the others out.

Reason is a Heloc generally carries a higher rate on a shorter term and "Can Never" be used as an "Asset, or for PITI reserves" which are both required when you buy an investment property. 

Some ideas I've considered:Equity Buyout: Having another investor or my partner buy out my 40% equity.Seller Financing: Selling my equity and offering seller financing to the buyer.Selling the Property: Liquidating the property entirely and splitting the proceeds.Does anyone have experience with situations like this?

Management would be self-managed, as in this example it would be a client's first rental buy and hold.

I know a great agent in the area who helped my friend buy in Ogden and did a great job negotiating.

The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

It'd just be a shame for you to sell a building and pay tax only to then reinvest your net proceeds after tax in buying your first pieces of investment real estate.  

Let people know you’re buying when you get ready to buy.

Or should I just exhaust the heloc and keep buying houses? 

Investment Info:Single-family residence buy & hold investment.