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). 

If the Multi-Fam does not have individual utility-meters for all units, then you have to figure out what to do or it can potentially eat away at your cash flow.  99% of Single Family homes do not have this problem.These are just a few pros and cons. 

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.  

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

Or maybe eat more bacon!

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?

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)!

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.

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.