Rebelling from the status quo and looking for alternatives from the traditional career path allowed me to discover real estate investing at an early age.

How do you think this idea compares to more traditional investment strategies, like buying inexpensive multi-family units?

Leases in our area address not smoking pot indoors, other ways to use it if indoors, etc (as it is medicine here).

Brad,Thank you for the feedback.I could get traditional financing but current market conditions seem to show that residential real estate price appreciation for most Metro areas is near their pre-great-recession peak.

If he bought a single family home and you cosigned, then you would still be elgibile for a traditional 3.5% down payment. 

If you have a method of paying that HELOC back then that is the less expensive method than a traditional mortgage.  

Having your license also makes it so much easier to find, see, and analyze properties since you have access to the MLS for pulling comps and getting showing instructions.You may also find that you actually do like working as a realtor on more "traditional" transactions and helping people (both other investors and retail home buyers) buy and sell homes or manage properties, and it can be a great alternative income stream.

We are currently using traditional financing with 20% down.Unit 1 - rent = $495Unit 2 - rent = $650Total income = $1145Cap rate (based on our offer) is 16.4%Cap rate (based on asking price) is still 14% ROI = 34.41%Picture below is from Bigger Pockets calculator:Picture number 2 below is our own calculator at full asking price purchase: if we were to increase rent on the smaller unit our cash flow will increase (easy added value).After walking through the property twice we see no real updates that are needed. ($0 estimated repair costs)We are waiting to hear back from the agent if we need to counter offer.  

Do you have pictures of the house empty, or with more traditional furniture? 

If you want traditional financing from a bank, how to get it would be finish school and find a job before trying to get a loan.