It would be based on the scope of work of the renovation that you're doing comparing for values in its as is condition and values after rehab 

Compare other rentals with a similar size, location and bedroom count to get an estimate of what the rent would be while you're living there.

You can contribute more compared to a SEP IRA, avoid the UDFI tax on leveraged real estate, and even borrow up to $50,000 for other needs.

A carryover basis would be a huge downside though compared to a basis step-up if held by parents until death. 

If it's a long-term play, the potential savings on PMI with a conventional loan could be significant.Have you compared rates for both options?

Hi BP community - I'm an investor with 3 SFHs in the Nashville area looking to acquire my first small multifamily property (2-4 units).I'm trying to determine the best approach for the 25% downpayment, comparing using cash that is currently sitting in a high yield savings account to funds from a HELOC on one of my properties.

I really like LLCs compared to corporations because of the free stepped up basis for passing property to my children. 

There are plenty of deals in Philly on and off-market from wholesalers, who are pretty decent in Philly compared to other places.You will need to get your GC license here and learn the permitting process and necessity here as well.

They might be fine managing new construction, but I have seem MANY investors almost tank from their fee schedule on managing older homes...i would compare it to almost predatory practice.

Take a look at the pictures, is it higher, lower, middle quality compared to yours.