The property also appreciated enough that when we sell it we will make a profit after all costs associated with maintaining it are accounted for (down payment, utilities, landscaping, food, main sewer line replacement).My son graduates in June and we have decided to keep it as a rental and not sell it.

This includes the 19-year-old son that lives with his parents while attending college or delivering pizza and playing video games all night.

Two of the kids were twins, the son/daughter of someone from our church, plus one of their friends.

We make a trip every 6 months for my sons med appointments to OK city and it has been blowing up for the past 4 years.

Make sure you factor in all costs, closing costs on a 2 fam will run you about $25K, inspection cost, taxes, prep paid taxes, down payment son utilities . . . make sure you know your costs. 

One of my sons is very good at building things and I'm sure he would love to help me. 

HI Kristen,I've used a lot of commercial LOC's to fund deals similar to what you're doing.Typically a commercial or local portfolio lender will be looking for:- 1.25% DCR or debt coverage ratio or DSCR - debt service coverage ratio- up to 70-80% LTV max depending on local credit union or small lender (usually 1-10 branches or less is the type of profile of lender who will do this)- rates around 4.75 - 5.75% varies from lender to lender- usually charges 1 pt for origination + standard closing/title/recording/etc (for commercial / portfolio note)The distinction is probably going to be whether you want a residential type product on your property to obtain a LOC on or whether you'll want to use the above commercial/portfolio LOC.The benefits of a residential LOC is that it can often times be obtained with the best rates (mid 4's to low 5's) on non owner occupied/investment properties and does not have to meet DCR requirements like a commercial loan has to (above).

My son bought a 3 family in Fall FRiver he had HUD de-lead each unit for free.Paul 

As we talked I realized that there are so many aspects to life that I don't get to expose our son and future children to because I'm off at work.

@Christian M.Hi Christian,My son and I were in Maine visiting my Mom and spring skiing while you were here in SW Florida.