This would be very temporary because we would either sell our 1st house once we move or rent it out then use all of our extra income to pay off the HELOC. 

More tenants only need a 2 bedroom than a 3 bedroom and are not willing to pay an extra $500-600 for the 3rd bedroom.  

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

Mechanicals are in good shapeARV: $280k-$300k~$74kish left on the mortgage - 6.75% interest about $890 monthly payment / HOA ~$200 a month / Insurance $35 a month / Taxes $355 per month / Tenant pays Water, Gas Heat. 

Think of all the things that can go wrong and you want a way to remediate it in the JV agreement. we did this once and the partner never started the work after a year so we deemed the note in default and were going to take back the property but they ended up selling another property to pay us off.

However, the tenants will be paying that PMI so it’s still better than not buying.

Also charging them a 50$ late fee (if it takes them more then 7 days to pay) im thinking maybe I tell them they need to start paying on the first and kinda frame it like a warning?

BONUS TIP: I just read on a listing that I'm going to adapt: Include in tenants lease they must pay for PSE&G Worry Free service.

Trying to find something that pays well where the work is easy for you.

Tenant doesn’t pay their rent…unpredictable cash flow.