Usually the main sticking point is spending more than half your working time in real estate related activities. 

This would be for our personal residence, we plan to keep our current house as a rental.  

I'd recommend getting a finance plan in place before buying.

Plan is, ill pay Heloc in a year from what I save monthly. 

I, too, am looking for a good agent; plan to go look at properties there next weekend. 

They are leased out.It is zoned R-2 which allows for Multifamily which is defined broadly in the Definitions sections of the General Plan as "Dwelling, Multi-Family - A building containing three (3) or more dwelling units.

And I’m planning to get business credit through my LLC I’m setting up.

Paid out-of-pocket in payments and completed a Quit Claim Deed, plan to build another small rental on the same property.

Do you plan on project managing/picking up materials/etc or hiring a GC/PM to do it all?

Hey, I'm planning to invest my first ever investment property.