Most loans are not assumable (VA is an exception) and I've never heard of a HELOC being assumed.

Good lesson, except I would change the words "some sort of active income", to a "specific active income". 

@V.G JasonYour response is right on the money except the first sentence for which I beg to differ. 

(Roth's being an exception.)CPA Tom Wheelwright has a chapter on this in his book Tax Free Wealth and agrees with what I just noted. 

The surrounding cities do exceptionally well too and this area is one of the fastest growing destinations in the country. ”Kalispell has just been ranked the number 1 fastest growing micropolitan city out of 543 in the United States” per Kalispell chamber of commerce.   

And, because you will hold the property for many years, you will need multiple reliable tenants.Reliable tenants are the exception, not the norm.

I would not do any more renovation without consulting them and what they will require you to do.Padsplit does not allow pets except for service and ESA animals.As I understand it, parking space is an add on fee to renters. 

The minimum time that lenders like to see you living in a primary residence is at least 12 months (although there are exceptions to this rule on the grounds of “life altering events”). 

East Ellijay = No STR AllowedDowntown Blue Ridge = No STR AllowedWhite County = Special Use Permit (YUCK) - Helen city limits is the exception, STR allowedPretty much all of the other counties are STR friendly or don't have an ordinance (Yet), but everything I'm hearing is positive, so...I'm not too worried. 

The seller got to keep the buyer's money that was paid upfront, and was effectively in the same place they were before they sold, except with several million more dollars in their pocket.