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Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Again, wholesaling can be very lucrative but don't jump into that out of fear of pulling the trigger on a rental, because the fear will follow you.

If there is a mortgage attached to the property there's a 99.99999% chance there's a clause in the mortgage that requires it be paid off when you sell - regardless if it's in your personal name or an LC.Yes, it does complicate things when doing 1031 - but not really... there are rules you have to follow to stay in compliance with 1031. 

Late follow up, but are you still able to entertain that offer?

The people on BP that I follow and ask advice from the most tend to have better ratios.

It seems like the general consensus is to utilize a HELOC over a HEL to fund my first deal and then follow the BRRR strategy to keep the HELOC open for future deals. 

A few follow up questions...1) Caleb - when you meniton your 8-10% return, are you talking IRR or Cash on Cash?

Maybe more of an overhaul than tearing it out and replacing with electric...just curious if it's ever done.I'll follow your suggestion and get another electrical estimate or two.

Do not sign it until then.Otherwise, follow your local laws to remove him asap.As said, only month-to-month leases on in-home roommates.