Subtracting the additional $30k I put in when it had negative cashflow, that's still $11,500/mo. 

I personally am okay with having a cosigner for a tenant because this adds an additional person who is financially responsible for the lease if the tenant is unable to pay rent or for damages they cause. 

In addition, in our lease agreements we require tenants toobtain renters insurance for theirs and our protection. 

heloc terms are not the same as fannie mortgage terms (like @Chris Mason mentioned)for instance I have a 90% heloc on an old primary that was ZERO cost, and the rate is prime -.001%. this additional LTV might help your cause. a heloc is also not necessarily due once you move.

@LaShanti PennAs a newbie investor, it's great that you're considering different options and exploring opportunities in nearby cities like Hickory.

for such a small addition, skip the architect and just get a general contractor

Common additional apps are things like Receipt Bank or Hubdoc for receipts.

These forms provide a written confirmation of the terms of the oral rental agreement and help prevent misunderstandings or disputes down the line.By having tenants sign estoppel forms, you can verify important details such as rental amounts, deposit amounts, and any additional agreements or responsibilities.

Their are a limited number of portfolio lenders, you should explore the guidelines before you purchase the portfolio and put your 200k at risk.

Additionally, basing the loan amount on past below-market rents seems unfair, as lenders should consider current market value and potential rental income.