Also, don't take the funds up front, make draws as you go.

Looking for any and all other ways to continue to learn about the space, with the current goal being to familiarize myself enough with it to be able to start taking action in the coming years.

I have also run the scenario of putting extra principle payments into the conventional mortgage, but we cannot put away as much, because we have to bank for large purchases down the road.This spreadsheet takes into account that my wife takes a drop in income in the next few years to care for babies (growing family), also factors in major expenses on the rental property, and assumes that we have 10% rate on the HELOC to be conservative. 

What is the process like for that, and how long does it usually take? 

It is too easy to just put the house on the MLS and sit back and wait....sometimes this works and sometimes it doesn't.....but to only do this is just dumb.I would take charge of your listing, wven if you use a Realtor.

Hi HumbertoI am not taking on new projects or partners actively at this time, but if you ever have anything interesting in the Tampa area let me know as I am well connected here for construction, management, lending, etc. 

Upon taking over the house again we found all our furniture ripped and broken from careless use and the side and back yard were covered with broken glass from hundreds of beer bottles being broken.

However, our current hard money lender only funds one loan at a time, limiting our ability to take on multiple deals simultaneously.

@TJ Woolum - save your money (many will be glad to take it), rather invest your time and energy  to connect with the right people!

Since financing for vacant land takes longer (appraisal, underwriting, etc.), we asked for a reasonable timeline.