I would, If in this position, take the equity in the form of a HELOC and purchase a cash flowing asset that would not only pay for itself but pay for the cost of the money while putting cash into my bank account each month. 

Does anyone have experience of setting up a STR while in the same position? 

If you're open to expanding your search, I also recommend checking Columbus OH - lots of deals that still bring positive cash flow and great appreciation potential.

We pride ourselves in keeping the forums positive, helpful, and focused on real estate (please, no politics, religion, etc.).

If you're open to expanding your search, Columbus OH also has positive cash flowing deals at an affordable price point - $120k-$180k. 

I'd be a hard no in their position.

And if you are not in a position to refi quickly or cash out the loan then you too take on a risk.. thats it thats the whole enchilada when it comes to sub 2.

@Pranav PatelStarting your real estate journey with $50K saved and a strong income ahead is a fantastic position to be in.

Value and rents should eventually increase to turn cashflow positive and build your wealth.You're next learning experience will be, now that you are out of day-to-day management, how will you be able to handle the inevitable expense challenges?

Then the remaining profits get distributed at whatever split you both agree to...I often see it start at 25/75 (75 to the person in your position) and then maybe increase it to 40/60 or 50/50.It would really help if you could provide some numbers on your deal.