There are some HOA's that are in such bad shape they wont allow any type of loans and it must be a cash purchase.

It won't take much money to purchase something that makes sense.Use the remaining money to invest long-distance.

That is in addition to clauses that require anyone that stays more than 7 nights in 12-months to apply (then it becomes our choice if they are treated as a temporary occupant or tenant) and prohibition of subleasing.

Purchase price: $82,500Bought this 2 bedroom condo in Manchester in April 2018.

It was a fun realization so I thought I'd share it here.I purchased my first real rental 11 years ago off the MLS for 108k (put 20% down).

If you are coming in with 235k, you probably would not need much more, if any, to make the purchase.

I am wondering for those who have an LLC for their rental properties if they are purchasing properties with the LLC or if they are purchasing under their name and then transferring to the LLC?

@Mario Morales - As some others have said I think the strategy is sound, but the key would be to find a distressed property that you can drive up the value with renovations so that the new value is 25% higher than the purchase price so you pay back your HELOC.

But unless you get a value-add property, purchasing real estate really doesn't make much sense in this environment?

I would like to put the money into purchasing another investment property.