I'm in Bridgeport now because I wanted a yard and cheap parking :) There's always something to do and somewhere to eat around in River North.  

With most of the homes paid off we are almost but not quite making enough to retire now from rents alone so we are thinking of tapping into the equity to make up the difference (of course the debt service is going to eat into the rental income). 

Passive investors should eat first and sponsors should bear risk first.

Or maybe eat more bacon!

Dad will now only qualify for 250k capital gains tax exclusion and will probably end up having to pay taxes that eats up the profit.

I was going to hold the home long term but now the increase would basically eat away at any of my cash flowDoes it still cash flow?

Or, it could eat up all of your profit, which is most common.)

Would generally love to connect with anyone who has experience in the rent by the room model as this is my first time using this strategy.Thanks in advance :) I would rather eat gas station sushi then invest in a rent by the room property in Cleveland Heights.

Condo's typically are cheaper entries but have additional HOA costs which usually eat profits. 

Secondly, the extra $5k you have to come up with yourself - EVERY time - eats into the benefit.Hint: The useful purpose of applying for a HELOC is to gain you instant CASH (to invest)!