Keep in mind of the I/O(payments/period) and game plan on how fast you'd like to pay it down. 

This past year they have started paying rent late to the point where the total accumulated time is about 3 months of back rent due.

Explicitly tell them what you're paying for it so you can get the exact number.Also, we do a 25% property tax relief in SC under the ATI bill - so if you fill out that form, you will get a reduction for 5 years.Info below:ATI Real Property Tax ExemptionSouth Carolina law now allows a partial exemption from taxation of up to 25% of an “ATI fair market value” that is the result of anAssessable Transfer of Interest.

Having owned property in rockford its not a great appreciation area so getting a HELOC will probably take 5-10 years based on loan pay down and maybe some slight appreciation.

You also need to consider that at a lower percentage of money down you will be paying a Mortgage Insurance Premium or MIP. 

Let them pay the deposit with a credit card.

Having to go see a piece and pay for transport makes used less attractive. 

if you're W2 and full-time, hourly or salary, you should be able to go off your pay stubs for qualifying.

My experience in Massachusetts, where it took nearly a year to evict a non-paying tenant, has made me more selective about the locations I invest in.I am looking forward to learning and sharing insights with this community! 

Great tenant that always pays on time - been there for 5 years Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?