I want to suggest options that give my clients at least a minimum of 'error checking' and that will automate the regulatory requirements for their state.

This could be a strong option if you decide to pursue multi-family investing. 

(In case you didn't know, the Housing Authority typically won't start paying rent until the property has passed its initial inspection.)Good luck.

@John Litz thanks, option 3 sounds great but it means bringing in a partner to my LLC. can I ask for ideas how you would structure it?

A good custodian will be there to support you and provide education every step of the way; you may find you don't even really have the need for checkbook control (also a good option to ensure you're being extra careful following prohibited transaction rules).

Condos are another option in that price range but with condo fees can kill your cash flow. 

(Selling to the life tenant is not an option.)

Typically, though, the terms are spelled out pretty well...at least I know they are here in our Florida contract.

It’s worth checking with your current mortgage lender, as they might offer these options to existing customers.Smaller Loan Amounts: For smaller HELOC amounts, lenders might be more flexible and not require a full appraisal.

I live in Florida as well, and a typical duplex these days is probably at least $250,000 in Central Florida.