Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

Once you have tenants in place, start positioning yourself for the next round of tenants—think of it as planting seeds.

That’ll help you figure out the best type of funding to use.It sounds like you’re in a great position to make this flip work!

This is a good opportunity in a strong market, and with your excellent credit and HELOC funds, you’re in a great position to make this project happen.

If OP can lever-up while maintaining adequate reserves, he will be in better position than buying with heavy cash position.  

It's easy to find someone who had one bad experience with any lender, but I can easily say 99% of my experience with Easy Street has been very positive. 

I have 3 windows as well that don't stay in the open position that I have to replace.

Looking at this past week's CMI, it's interesting to see the buyer/seller positioning in the SE-ish area compared to the NW-ish area with rates high 6's in JanuaryStill bullish on W/NW future demand due to TSMC factory and other companies (dashboard snapshot below) but time will tell.

This creates a negative initial position.

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