Using a HELOC to fund your first rental can be a great strategy, especially if you want to preserve your cash for other expenses or unexpected costs.

He is one of the partner ,there are many others In this partnership,as in, they all pool the money to buy land and build large single family homes .

.- You rent out the other unit for $1,800 and maybe a spare bedroom for $500.- Total rental income: $2,300.- You’re still responsible for a $500 gap each month.Add in maintenance, unexpected expenses, and vacancies, and your costs can climb even higher.

This goes for the other side of the balance sheet, where the LLC now OWES money to another LLC.

@Sean Dillon figure out how to buy a 2-4 unit with FHA loan.Then rent at least one of the units long-term for stable cashflow.Try STR in another unit as well as the other bedrooms in the unit you live in.You may even consider living in the basement, attic or worse unit in the building to rent everything else out and max cashflow. 

I have built a portfolio using owner occupied loans and I also help other investors do the same.

I am trying to get more direct to seller leads as most my leads come from other wholesalers who don't have buyers like us.

If so, would you mind sharing their contact information, websites, etc. with me?

You live in one room, rent out the others, and pay your expenses with the income.

That's the key component that is usually missing when I hear other entrepreneurs/investors say they don't like QBO.Something else to keep in mind is your entity structure and how your entities file tax returns.