Also, through my research I am learning that many banks/ lenders offer low Money down options very similar to FHA and PMI terminates after 20% equity is gained; which is awesome. 

We are going to reach out to the power company to get records on 12 month high & lows to get an idea of annual electricity costs.  

After this deal is complete, I would have a property that the cap ex would be low for many years to come and I may be able to 1031 or something along those lines into something larger. 

What Tony did do is a great job of buying hard money, and transitioning to traditional financing- locking in a great low interest rate.  

Im 24 with a family, I currently work in the oil industry as an AutoCad Drafter but due to low oil prices I have taken a significant pay cut, during this last year I have been doing as much research into the Real estate Industry as possible.

Meghan McCallum if I would do a brrrrr on a property it would be a long time hold and the area would be middle to low class.

Low down payment, while they pay your mortgage and also you can use W-2 to work on student loans. 

They said It turns on and produces some heat but not enough to actually cook anything.

Also, you should be able to lock in a historically low fixed rate now by consolidating.HELOC is a creative solution, but not one I would advise.

Only when needing the lower rate to qualify for the loan. 4.65% is very low, consider we did investing for decades with 10% money.Homes usually are held for 7 to 10 years, so your savings on interest is limited and it's tax deductible to boot. 1-your tax rate times the interest rate is your real after tax cost.