The Heloc can also pose as a debt obstacle since its an open end mortgage a.k.a credit card.a mortgage is also set up over 30 years so it offers a lower rate and payment. 

A HELOC is a short term debt instrument.

If you're a good student and can get into a good college without going very deep into debt, I believe you should go.

Used your HELOC to fund the down payment on a second property if the right opportunity presents, otherwise those returns wouldn’t be juicy enough for me to take on more debt for the sake of scaling if you’re buying at retail. 

They also handle legal matters, like making sure the property follows the rules or dealing with evictions if necessary.For finding deals, I recommend starting by connecting with investor-friendly agents in your target market.

He has owned it for over 30 years and has no debt, so seller financing is possible and he doesn't need a large amount of cash soon. 4 of the 6 units have been recently updated. 

LLC offers better legal protection.3) Setting up in states that allow your identity to be hid is also overblown.

Two, you'll have a much easier time obtaining a mortgage product if you have a track record of W2 income.In the meantime, continue implementing the strategies you mentioned: save religiously, build your credit, pay any existing debt owed, etc.

I won't be able to make the cottage legal rental without living in the primary home myself.

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.