Problem was my buyer was using a hard money lender and wasn’t able to get funded.

After the rehab is done on a property and the tenant moves in, I have gone back to my loan officer and refi using a HELOC.  

Depending on the property, #2 has the potential to net out a little better for your personal financial situation relative to your rent now.Also, live-in rehabs aren't super fun (speaking as someone who's been through one) and that really hurts your chances of getting roommates / using a SFH as a house-hack during the rehab.

Navigating the financing to start my first purchase is nerve-racking, and I'm wondering if using a home equity loan would be the better financing option to make my first deal.

You can definitely purchase a property using a DSCR loan on a property that will be rented to students.

If so you may be able to tap in to those funds using a loan against it.

I put this property in a LLC since it was out of state and I am using a property management company. 

@Katrice Davis  as Katrice indicated it can be tough to find sellers that will sell to someone using a naca loanmy experience as a seller in Jackson MS.. is that Naca wanted the seller to help buy down the loan.. which for me was OK in Jackson since retail sales in most neighborhoods there can be very tough.. 

Hello all, My question is: When using a website like Cozy.Co for screening and tenant applications, would it be appropriate to have all perspective applicants pay the application fee for backround/credit check, despite knowing if they qualify or not?

In the Museum District of Richmond Va I've found a multifamily (4 units) property on a good size lot for that area that has a back ally access with a good size back yard and no garage like most of the neighbors have.Please some one well versed in Commercial properties and multifamily tell me if I'm on the right track with this line of thinking..My approach is to buy the property using A conventional residential financing and build a garage with an upstairs apartment, making the grand total number of units on the property a fabulous Five.. which is infinitely more in the eyes of Lenders because a 5 unit property is considered a Commercial Space.