You will be able to learn a lot from the forums and past posts.

@Ed Ventura Its one of the most difficult issues when you get into property types like this. 

Spend more than half of your total working hours in an RE business in which you materially participate.2.

Helocs, just like mortgages, have occupancy clauses that state you plan to live in the home for the next 12 months.

The finished product and getting the rewards from the fruit of the labor is way down the line.

The other trick to that is to pay balances off in full before the end of the month that the statement was reported, irrespective of the due date.

I have been through there before in the past.

I like it and the numbers look decent.Pro Forma is 7.21% and CoC ROI is 10.04%.However one of the tenants is late for rent ($1,000 in late fees this year), a smoker and their unit is hard to even be in.   

I am not a huge fan of buying a new car because of the value it loses but I agree with you, you are making money to spend it on something. 

We are out of state investors.