i would stay away from SFH as your first purchase. you are 100% responsible for that mortgage should something happen like you lose your job or something. a multi family gives you breathing room. one thing to keep in mind is the taxes...sure the Bronx may have higher prices compared to NJ....but you can find properties in the bronx with 2-3k annual property tax rates.....while Jersey has some of the highest property tax rates in the country. factor that into your math and not just the purchase price. 

That's an example but something in the middle ground that works for both of you.I'm a bit non-plussed with some of the large multi-family syndicators who like to talk about how they can force rents up for lower income people and in almost the same breath talk about how they help the same people with their charity...I think, like everything else there is a productive middle-ground where you can earn good returns and not force people into bad situations.

Hi Kayla, Breathe.

Take a deep breath . . .

Probably not that appetizing to think about taking on a mortgage again, but it could be a way to breath fresh life into the properties.

So if you get a stadium (like the SF Giants did) in a crappy area you can breathe new life into it.

I don't see why you wouldn't be able to refi into a new HELOC, granted you have enough equity to get a new loan to absorb the old one and still give you some breathing room.

Anyone know some really good IL Asset Protection Lawyers and CPAs that live and breathe Real Estate?

But some of the younger generation given the choice of an iPhone and Social Media VERSUS oxygen to breathe might chose to give up on the oxygen first!  

A 30 year loan will give you more breathing room and you still have the option of paying it off in 15 years.