I also wanted to benefit from tax saving before the years end with a new property purchase.

Do you think it's better to start sooner with a cheaper property to get in, or potentially wait longer to save more? 

Hey @Michael KlickUsing a HELOC to finance your first rental can be a great way to leverage equity in your primary residence without tapping into cash savings.

I bought this property with a private interest free loan from a friend. the person i bought it from need cash fast so i offered them a low cash offer and they accepted.I had enough money saved up to rehab the house with my savings.

Generally you need the cash saved up.

If you’re not in a rush to tap your equity, holding off until rates come down could save you money in the long run.

When I helped start a restaurant, I tried to prepare as much of this stuff as I could before opening and it saved me stress and time repeatedly. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

I have enough saved for FHA loan down payment on a duplex up to 500k. 

Attend local builder associations or networking events, and focus on small contractors or businesses without in-house permit expertise.Highlight how you save time and ensure compliance—it’s a big value-add.