I'd recommend speaking with local specialists in your target market to look at multiple investment options side-to-side.Lastly, some of my clients have been encouraged to stay away from HELOCs unless they expect a lump sum (inheritance, sale of other asset, bonus, etc.) to pay off the HELOC in the next year or 2. 

., you may loose legal liability protection in Illinois if you are investing in Illinois with an LLC located in Michigan and you'll be paying taxes to the two states in most cases. 

I'm in Orlando and active in residential real estate as a Realtor® and also serve on the board of CFRI, the local chapter of the National REIA.

We have many efficincies under management with a ~10% vacancy rate with prices ranging from 485-625 depending on location property quality and amenities.

@Arun MaheshwariFrom my experience of working with over 400 investors, Richmond, Texas, is a promising location for single-family home investments due to its growing population, suburban appeal, and proximity to Houston's strong job market.

If I purchased a home locally I’d have to ask well beyond the market rate on rent just to break even.

I'm located in Lewes, DE but the joys of the commercial world I can help make deals happen all over!

If you prefer to stay local and build equity, house hacking a duplex or triplex in Fort Lauderdale could work, especially if you can add an STR component to boost income.

I am located in Australia

Reach out if you want to discuss, I can get you connected with a great local investor friendly agent!