FHA 203K can be pretty involved and it is important to have all your ducks in a row to ensure you're setting yourself up for success.

I understand that one needs to have separate bank account and possibly credit card to separate rental income and expenses but just asking about from the tax filing purposes. 

I think applying your existing skills and experience is some times one of the easier ways to get involved in the Chicago real estate game!

Does the heloc still account for the down payment?

Property management involves a lot more than collecting rent.

So if any of you are investing or otherwise involved in real estate in Georgia I would greatly appreciate the opportunity to get to know you or any investors, lenders, agents, brokers, contractors, inspectors, etc. you may be able to recommend.

If I use my HELOC fund to buy a property, which of the following two options should I go with from tax or business accounting perspective?

You just enter the tenants info and then we automate the entire process of setting up the correct bank account, sending receipts, paying interest, and closing the deposit at the end of the lease.

They can properly secure the house following the tenants' departure, winterize it, coordinate utility account transfers, and source vendors to address anything that needs to be done to the house prior to marketing it for another tenant.

I'm also looking for oneIf i could chime in and help in the search:be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise.