You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Best part is 1-2 years a refinance will make our numbers look even better and we are seeing our home increase in value because of both the forced appreciation via rehab and being in a growing market.If not married, I would have chose area first based on rentability.

if you meant that you'd buy in cash, fix them up, not refinance, and hold... then I don't think I understand how you envision that working."

Also, the property is currently paying me to own it through cash flow.My main goal in my LTR business is cash flow … I’ll tell you right now that I can, of course, cash flow better in northern Minnesota where the average house costs 100k and I have the power of leveraging cash out refinances which is my biggest issue in CR… my money is stuck in the property.  

A tidy profit, plus confidence to tackle the next project solo.On the topic of self-directed IRAs: While they’re fantastic for gaining experience and diversifying into real estate over time, they can feel restrictive if your main goal is scaling quickly.Here’s what I’d focus on:Using Equity Wisely: A HELOC or cash-out refinance could unlock funds to pursue a flip or duplex without touching your 401(k).Partnering Smartly: Your realtor friend sounds like a great resource.

Treat this first year as a chance to gain experience and refine your approach.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

@Eric BilderbackAgree with you, and to your point - if you buy something today that puts you in a stressed out position, you can't / shouldn't count on anything saving you - like a huge jump in rents or a big decrease in rates so can you refinance. 

I personally don't like a HELOC unless it's for short term costs that will have an easy exit strategy - ie: a BRRRR - use a HELOC for the rehab, then refinance and pay off the HELOC.

Look into the BRRRR (Buy Rehab Rent Refinance Repeat) strategy.