Using a heloc as 1st mortgage really only has a major benefit if you have idol cash sitting around from your paychecks. 

Paying off the mortgages negates one of the biggest benefits of investing in real estate, leverage.

Real Estate is definitely a long game and you will see the benefits of it within a few years even if you don't see it right away.

I never paint, swap rugs (except flooding), or do other improvements on rent controlled units This can lead to blight.Who benefits from rent control?

The only way to make money in bad neighborhood through LTR is either getting the government benefit or running it as a slumlord.

You can use bat insulation or spray foam, which has the added benefit of giving you an air-tight seal and also keeps the bugs out. 

The last two provide the added benefit of providing you access to liquid cash. 

Even if my cash flow is negative while I live there, I will still be enjoying all the long-term benefits of owning real estate and my living costs will be cheaper than renting if I choose the right deal/property.I appreciate the insight!

It will familiarize you with the basic terminology and benefits.

Even if you don’t have enough equity to buy in all cash, you may still have enough to make a larger down payment, which has its own benefits too.Bottom LineHomeowners have an incredible amount of equity today – and that’s why the share of all-cash buyers is on the rise.