In addition, I live with my parents so even househacking will still cost me over $400 a month, which is what I pay to stay with my parents. 

Take into consideration all closing cost, realtor fees, repairs etc.

And  if we did a 1031 exchange later, I think I'm correct that having this cost basis established at today's market value vs 2001's cost + improvements would serve me better in the 1031.- The depreciation amount for my rental house would be maximized bc would be set at the selling price / current market value vs 2001 cost basis + improvements.

You are only budgeting 3% for repairs and that might be ok immediately after a rehab, but a few years later that may be back up around the typical 5% that most people cite as a reasonable amount to budget. 6.

Do you get to see any rehab opportunities there?

Do you pay closing costs to them? 

Hi Jayson, In some cases it can be a great decision.Take a look at the cost of capital the HELOC or refinance is going to give you compared to what you are looking at now.Also look at the income generated/write offs/appreciation that a rental property is going to give you.If it is going to yield you positive results, I say go for it!

Would like to do minor rehab to get my feet wet working with contractor, but nothing major.

So yes, maintenance costs can be higher.Happy to answer any other questions you may have.

Hello all,If anyone is familiar with cost segregation studies, do you know what asset class/depreciable life a stand alone, metal sheet, metal frame carport would be depreciated?