I am just out side of Elkhorn, WI and selling our property the is 5 blocks from the lake. If sold for the amount I want I will have 30k to 40k at the end. Love to keep relator out of it, but may need realtor to find a...

You’re asking the right questions, and it’s great to see you thinking strategically.My Take on Your SituationSince you already own a rental and want to expand your portfolio, your main decision points are:1.How to pull equity to fund your next deal2.Whether to transfer your current rental into an LLC3.How to position yourself for long-term growthHere’s how I’d approach it:HELOC vs.

I considering buying my first rental property there, and am an out of state investor.

Quote from @Ruben Espejel: Being actively involved in the Great Smoky Mountains rental scene lately on behalf of my clients has prompted me to evaluate my property inventory.

I have three rentals and my primary residence here in Springfield Illinois. 

Save that down payment money you mentioned or go for a multi family at a higher price than the single but have rental income. 

Financing your second property can be tricky since lenders may only count 75% of rental income toward your debt-to-income ratio, so get pre-approved early.

As for financing, on a conventional loan if you do not need the rental income to qualify then you would not need to have the property rented but if you do need the rental income to qualify then you would.  

.🔥 Why Co-Living & House Hacking Work So Well Together✅ Higher Rental Income Per Unit – Renting by the room typically beats traditional rental rates.✅ Lower Vacancy Risk – Losing one tenant doesn’t mean losing all your cash flow.✅ More Affordable for Renters – Competitive pricing attracts a steady stream of demand.✅ Built-In Community = Lower Turnover – Tenants stay longer when they feel connected.✅ Allows You to House Hack a Single-Family Home – No need to compete for pricey duplexes and triplexes!

Do you do short/mid-term rental management?