For example, if the loan officer asks you what your monthly payments are and your mother-in-law moved in with you because she is struggling financially and you are paying her car payment, don't share that you are paying her car payment every month.

Am I overall lowering my expenses if I buy a two-flat and rent out one unit?   

My concern is doing the cash out refi on my other rental and causing a new and much higher payment on it that I can't just pay off like a loan.

Early last year, one of our borrowers, an extremely experienced rehabber who had recently been diagnosed with diabetes, informed us that he’d been in and out of the hospital so frequently that he wouldn’t be able to complete the flip we had loaned on as first position lenders.We were aware that he had borrowed an additional $110k from a second-position lender.

Beware of Fraud and Scams in the Lending Industry: A Guide to Protecting YourselfThe lending industry, unfortunately, can be rife with fraud and scams.

Personally, I close all of my loans under my LLC's.Feel free to reach out with any questions.

Or should I invest regardless of student loans if my hope is to use FHA loan for smaller downpayment and then eventually rent the house out in a few years once I move?

Better to keep rent 5-10% below market, but keep a tenant long-term.If you can handle all this, you MIGHT be ready to be a real estate mogul.Otherwise, you may want to get out of your own way and hire a PMC to manage your property better.Let us know how this goes before you continue dreaming about anything else:)

My understanding is Heloc since its a line of credit can be drawn anytime so say you buy the property with and the ac goes on a heloc you could use that to pay for it where the home equity has a period/ gives all the cash upfront.

Cost of capital is high right now.