If I pay for it initially with my primary residence HELOC , currently at 8%, the interest only payments would be $640, so $1,340 monthly expenses mostly. 

Don’t forget heloc, DSCR, 2nd on primary, borrow from retirement accounts, credit card cash advance, property reserves, home improvement store credit, etc etc.

I think the real estate professional strategy works if it is your primary source of income.   

Michael-  Great explanation of the property classes and appreciation vs cash flow outcomes.

I have the funds available today for the purchase of a rental property as well as a primary residence, but I also want to set myself and my wife up to reach financial freedom.  

Lemme get this straight: you want to sell a subject to as part of a subject to.unless your buyer is doing a targeted satisfaction of the primary loan, I don’t see this working at all.

We have HELOC money available from our primary and one of our rentals at about this same rate, so that could be a backup plan.

Because they were primary residences, we had homesteads on all of them.

The biggest challenge is a lack of quality homes and a rapidly increasing demand for vacation, second and primary homes.

I would tell people today that if you buy a primary residence expect to stay in that home for atleast five years, especially with a FHA loan which has lower down payment as the current forecasts for home appreciation or very low which with closing costs on the buy and sell, it will take several years to have equity in the property and enough to be able to sell, so that is something also to consider.