If you want to accumulate wealth you have to emulate the behavior of wealthy people.

We barely got out before the entire ship when down.However, I know too many wealthy people who own real estate as their primary vehicle for income and net worth.

The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J.

All major companies and wealthy families do this.And don't use your HELOC as a down payment on another property.

I am a new investor and not familiar with your area I'm here in Texas - but my Dad has tons of low end rental properties that have made him extremely wealthy - He fixes them up to Hud code and rents them out through hud and actually gets a higher rent for them never has to worry about collecting a check because it comes every month like clock work and the tenants very rarely move.

This wealth is comes from stocks and overseas investors.

Growing up in rural Texas, I wasn’t exposed to many wealthy or what I’d consider successful people.

Heck yeah you ought to take an attorney's advice into consideration when drafting a rental agreement and I'd HIGHLY recommend getting some referrals on that as well, you want one who's well versed LOCALLY in what flies and what doesn't, which here as was explained to myself and at least one other BP member attended, plus many more (and a rather "famous" BP member at that who I recognized from her profile pic, but she certainly seems to know what she's doing with rentals and was at the same event, a "landlord bootcamp" where the local attorney who I've been told is THE BEST landlord atty to call in a crisis taught the ins and outs of this stuff) but part of what he explained was how in Milwaukee Cty the judiciary of this county of nearly 1M residents which ranges from very poor areas to very wealthy areas has mostly very liberal, left leaning judges who generally ALWAYS find any reason they can to take the tenant's side and often give some awful tenants "one more chance" much to the landlord's chagrin.

College kids come in all sorts of types from the top ramen eating shoe string budget to the kids of wealthy parents who send their kids to college with a credit card that they pay.

If you are house hacking, I presume you are not independently wealthy and a hot target for ambulance chasers.If you want the best mortgage, you'll want a Fannie Mae loan, not available to LLCs.If you were hoping to cut back on insurance, why not consider getting good insurance instead of an LLC?