It’s important to ensure you’re comfortable with these risks and consult a financial advisor.If you choose to use a HELOC, consider traditional financing or private loans as alternatives if you prefer not to risk your home.As for your first rental, markets in the Midwest and Southeast offer great opportunities with turnkey properties that are tenant-ready and appreciating.

Consider balancing liability protection with administrative costs, and consult with a CPA to align your structure with your financial and legal goals.This post does not create a CPA-Client relationship.

How will the existing income from the property influence the amount I can borrow? 

Financial freedom is all about buying and hold properties for the rest of your life - that's how you get appreciation, cash flow, principal paydown, and depreciation.

HighLevelAccounting & Finance: What tools make bookkeeping and financial tracking seamless?

NYC laws around rentals—especially short- to mid-term—can be tricky, so you’ll want to avoid any compliance headaches.The biggest challenge with this plan is finding a rent-stabilized apartment that makes financial sense and actually gives you breathing room.

When I began direct-to-owner marketing for multifamily (12-40 units), I realized it usually takes many months and touchpoints to build rapport with most sellers where they are willing to really open up about their property and financials. 

It could entice you to buy when you are not financially ready to buy.  

What are the financial metrics i should be asking for?

You'll want to put together a personal financial statement (basically lists of all your assets and liabilities) and have your tax returns ready.