Truth if you can not pass through your increasing expenditures with rent growth you will make less money comparatively.  

My W2 job will cover a couple thousand dollars of expenditures per month, and we'd have the rent money from our current home, plus some HELOC funds available if needed, so I don't see financial survival being an issue.

Ideally, would like a close to turn key or minimal cosmetic renovation ($10-15k). 3) Would need to be positive cash flow after conservatives expenditures - property management, maintenance, etc.,4) Looking to mainly acquire properties creativelyAny thoughts?

How much of that is for cap-ex (capital expenditures)?

This way you can be pretty sure you won't have too many big expenditures in the future.Management.

The key criterion you want to look at in a lender is the ability to finance soft costs and interest reserve (a true LTC on all project expenditures) and a lender who allows items such as developer fees and higher contingencies to be incorporated into the budget.

If you are setting aside a rental income for future capital expenditure, then the cash reserve are taxed as rental income when you earned it.

Here are expenses that I think about -Principle & interest-Taxes-Home insurance-Mortgage insurance (if you put less than 20% down)-Maintenance & repairs-Capital expenditures (Capex) -Vacancy -Utilities (some you'll pass off to your tenants 

I am looking for 2nd lien HELOC and ability to use the same account to credit my salary and expenditure in Texas.

Digging into the details allows you to make decisions and control your expenditures.