I'm looking to purchase my first rental property and have been searching for a deal that would generate positive cash flow based on my projections.

People like to use HELOCS especially now, if they have a very low interest rate first position mortgage, in order to tap into that equity without losing the low interest.

Quote from @Anthony Maffei: I purchased a two-family property in 2017 and now have around $500K in positive equity.

Although, obviously being positive would be the eventual goal.

The other positive, at least for apartments.com is if they fill out an application it's good for any other unit on the site for 30 days without having to pay the fee again.Not that it matters for the law but another thing we do for tenants after they are selected is do a gift basket that exceeds that in which they paid in application fees. 

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!

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

My biggest piece of advice would be to find someone who is in the position you would want to be in 10, 15, or 20 years and meet for coffee.

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