This would be very temporary because we would either sell our 1st house once we move or rent it out then use all of our extra income to pay off the HELOC. 

Mechanicals are in good shapeARV: $280k-$300k~$74kish left on the mortgage - 6.75% interest about $890 monthly payment / HOA ~$200 a month / Insurance $35 a month / Taxes $355 per month / Tenant pays Water, Gas Heat. 

Also charging them a 50$ late fee (if it takes them more then 7 days to pay) im thinking maybe I tell them they need to start paying on the first and kinda frame it like a warning?

More tenants only need a 2 bedroom than a 3 bedroom and are not willing to pay an extra $500-600 for the 3rd bedroom.  

You can’t have someone paying $30k for a course and kick them out without refund based on “being difficult”. 

Think of all the things that can go wrong and you want a way to remediate it in the JV agreement. we did this once and the partner never started the work after a year so we deemed the note in default and were going to take back the property but they ended up selling another property to pay us off.

However, the tenants will be paying that PMI so it’s still better than not buying.

Tenant doesn’t pay their rent…unpredictable cash flow.

Trying to find something that pays well where the work is easy for you.

Some folks will argue properties are typically taxed less than their fair market value, and that may be true, but it's the amount of annual taxes your pay (regardless of actual value or assessment) that will affect your bottom line.Additionally, until the recent market correction both property values and rents have increased at a rapid rate.