Minimum wage, generally young, smart, but unsure of life's path. 

Next, We are looking to put about 160,000 down, Would it be smart to finance the building and the assets with one conventional loan?

They already setup some shop in order to save on taxes, but they haven't dug into real estate as of yet.I am heading down there next week and looking to connect with some people while there. 

Smart marketing dollars will bring you a good return.

Good schools, shopping etc are all close by.Ideally I'd like to use hard wood base trim at $1-2' cost from a supplier out of the area, the casing of course would be more, Masonite doors $70-80 ea, Schlage Door knobs, LP Smart Siding, basic roofing materials unless I could snag a good deal on class IV shingles - 5" concrete for the slab, Basic Vinyl windows.   

hello I am new to investing in real estate and am wanting to buy a house to rent. I live on long islands and I have been look for a house for about 4 months now. With the high taxes and home prices in nicer   Neighbor...

If you did that you are smart.  

There is a relatively new shopping district adjacent to the neighborhood with a Target, Bed Bath and Beyond, Barnes and Noble, etc.

I've also heard people taking out lines of credit from their own homes to fund their rental property, but I'm not sure if that's a smart move.

On the flip side there is a need for regular family rental homes, that may not need quite as much work in between tenants, or if you are smart and update the property correctly you, there will never be much need to fix up in between tenants, after installing hardwood floors, tile, waterproof vinyl Allure, granite counters, tile surround showers, etc.