If not, then the HELOC solution would seem to be a no-brainer.You have all that equity - currently WASTED!

@Dan Gongora I am sure different people on BP have different philosophies on all of this but when you are talking about an o/o residential two unit, you can work the numbers all you want on income analysis to determine your purchase price.

We both have JOBs and as of right now don't plan on doing this full time, but that will depend on how all this goes.Joining BiggerPockers seemed like a no-brainer. 

With that you're in essence back at #1 though...And as @Chris Tracy said: not wanting to borrow money (at least when it's from a bank) is probably a no-go when trying to get started.

@richard moreno8.4 is a tad high, but if the loan is based on your credit and the property and not your income then it's a no verification product and the rate makes sense.

is a no-nonsense landlord, and while his advice may seem harsh, following it will set you up for success.You're already thinking about how you should be handling this tenant, which is great.Family members of the past owner rarely make good tenants who pay on time.

If you can get your money back out of it then it's a no brainer, if you can't get your money back, well then it's a no brainer too.

And you would incur more closing costs than just an appraisal fee.I will get a "no PMI" quote right now, and I'm going to get my "no PMI" quote from... a PMI company!

Hi friends,A couple months back someone posted a no minimum purchase price lending company.

Even with my primary residence which is a Va loan my lender keeps contacting me regarding a no cost refinance which saves me 1% interest, but it makes me sign I will reside as primary for one year.