Easy Street is a good option BUT you need CASH in liquid checking/savings for down payment of 20% and BIG chunk 2-3 times loan amount to buy out of a prepayment penalty.

The only item I would suggest is double check the payment terms of the your HELOC... in particular, can you pay interest only or are you required to pay a portion of principle each month on the amount utilized.

House hack a 2-4 unit with the lowest down payment loan you could find. 3.5% FHA or 5% conventional.

The lender may figure if the borrower had this kind of money they’d be making the mortgage payments. 

Even at that price point, you may struggle to find a tenant, potentially leaving the property vacant for months.Here’s an example of a deal I’m currently working on:Purchase Price: $215,000Rehab Costs: ~$250,000ARV: ~$615,000Potential Rent: $3,600/monthUsing a $615,000 ARV and 75% LTV on the cash out refinance, with taxes and insurance, my monthly payment would be $4,267 using an 8.5% rate.

There would be a lease agreement, just no monthly rent payments.

there is no bank, no mortgage, and therefore no due on sale clause.if there is a mortgage in place, and you take the payments over, this is typically referred to as subject-to or sub2 and is much higher risk for everyone involved.

The payments for the management of the property and the book keeping will come out of the cash flow of the property.9.

If you decide to keep your house, you can do an IRRRL after you have made at least 7 payments on your new mortgage.

Purchase price: $275,000 Cash invested: $294,000 Sale price: $355,000 Seller was behind on pay HOA payments and in risk for losing the property.