The electrical panel is original, so an upgrade might be needed in the future. 

My only concern to look out for is that things can go 'rural' pretty quickly if you start venturing outside of town, and most lenders are going to put the brakes on financing if the appraisal lists the property as 'rural' (has to do with what they perceive as the availability of future tenants).Watertown, NY - It probably is as good as you believe, but the lending licensing is pretty tricky up there, so its just  bit more difficult to find lenders that operate up there.

Hi Michael, Using a HELOC to fund your first rental can be a smart move, especially if you want to keep your cash on hand for other expenses or future deals.

@John Kirtley It's definitely gone up a lot in value, but you can compare the values to Folly or Isle of Palms (Sullivans isn't really comparable) to see the future growth.

The recipient inherits your original cost basis, which is used to calculate their future capital gains when they sell the property.

Does not affect your debt to income for future loans in the mortgage industry (auto loans could look different, but i would think similar so hopefully no worries there). 

It seems like the perfect place, BiggerPockets, for finding people who are like-minded, asking them questions, and learning how to become a future investor.I believe that no matter how unforgiving the market may seem, the right tools, knowledge, and preparation can help minimize risk and create opportunities.

As a PM myself (in California) I take pride in my leasing contract and screening process because that removes so much headache in the future.

I am thinking about the future and how I will purchase properties in the future.

I hope with this extra info you can see more clear my current and future goals.