It's an integral part of keeping me whole and keeping the guests in line.

Would it be wise to use a HELOC on our current residence to use for a down payment on a new property You can make $ investing anywhere.

Hi Aidan, when you first started you can create your partnership agreement per deal depending on what your end goal is for the property. 

They just bought it last year, so not much equity, still $760K on the mortgage. 

What if they change the terms on you last minute?

Make sure it is Scotchguarded or something along that line and you will be fine.

And what is your price point and are you looking for a turn-key property or something along the lines of a "fixer upper"?

So, again, an opportunity to take on less risk initially to get the learning curve out of the way.Bottom line - your approach doesn't have to start out one or the other. 

I was debating if I should partner with a friend or family member who is willing to work on a property together. ill be sure to make sure things are done legally and fairly so no one get short sighted and things don't get messy.

As far as home office no longer being an IRS "red flag" I guaranty that if you put a home office deduction on a personal return on Turbo Tax it will move their audit risk needle.