Your strategy is a good way to get started and preserve as much capital as you can while you build momentum. 

Real Estate is an investment that can be passed down through generations and used as a form of wealth preservation - something those globalists are unable to do!

The existing triplex is also situated forward far enough on the lot to allow subdivision of at least one maybe 2 RSL lots while preserving that structure,  which is in good condition owing to the last 14 years of my elbow grease.I would be more interested in pursuing some options around this myself except for my lack of enthusiasm for increasing my exposure to seattle rental regulations and high cost of construction/permitting.

HELOC is a great tool to preserve, and allow a maturing mortgage to improve the PI ratio, improving your equity position, which improves your borrowing capacity.  

Also, a conservation agency might be interested to buy it for preservation. 

They are able to analyze a deal as a business transaction and will make decisions based on profitability and security of the asset as opposed to a Fannie Mae backed residential mortgage which is more concerned with preserving the property's market value. 

Bummer.50% ruleEven if I model a loan with 20% down (which I was hoping not to do to preserve cash), I'm finding the expected monthly mortgage payments range from 50% up to 64% of the expected monthly rent.

The owner has said that the two units after this year won't have any taxes to pay because they have been put on a historical preservation list.  

Therefore we invest in long term appreciating assets to preserve our cash flow.Don't forget to check out the blogs and podcasts.

save under an address to preserve your template.