Wealth is built by holding on to assets. 

We would like to have a HELOC available in order to make offers when a home that is worth it becomes available. Is this a wise strategy? My wife and I have a goal to rent our current home out and pick up a fixer upper...

Haven't seen a deal in some time that fits the formula (outside the hood) but that time WILL come again.For this point in the cycle we focus on stabilized, high quality assets with in place income and very little risk. 

Agree with other posters that if you have lost trust in this contractor, even if cost more, you need to cut your losses and find a new one.As to what to do with the existing contact; depends on a number of different factors having to do with the size of the contractor, how big the contract is and emotionally just how upset you are about things.If this is a small contractor then there are likely few if any assets in his company and it is generally very easy to shutdown one LLC and start another one with a similar name so suing them is just a money pit; its not fair but very common.

Therefore, if you've got time on your side, you could purchase a property, update it, rent it for 12-24 months to prove you had the intent to hold for rental income, and then sell the asset and defer your tax liability.

Investors always find new ways to obtain properties and create income, so watch the trends.

My theory is to follow Warren Buffet, who preaches to make money when you buy the asset, have the financial wherewithal to hold on to it forever if you could and always keep a margin of safety.

@Cole Cherryholmes - goals come first, asset type comes second.

I'm considering relocating in the near future strictly for the purpose of investing/building a portfolio of rental properties.I'm specifically interested in using the BRRRR strategy on residential 2-4 unit properties and 5+ unit commercial deals.I'm looking for assets in desirable C+/B- or better areas so no section 8, high crime or low income type of neighborhoods.Rents must meet the 1% rule and I'd like to cash flow $200/door after refinancing once the property is rented/stabilized.I'm trying to find a market where deals are more readily available than here in South Florida where it's very competitive.If you were gonna pack up and move somewhere strictly to invest in rehab/value-add multifamily where would you go?

Hello,I have a dilemma with obtaining a conventional mortgage with my partner.