I absolutely do not want to discourage you from investing as I feel that it is likely THE most incredible source of wealth building, but you need to know the ins and outs as much as possible to keep from losing your shirt on a deal (or being caught with no money in the bank in the event something unfortunate comes up for you or your family).As for HELOC, I don't really have any experience with this, but I generally stay away from things that pull my personal assets under the gun should a deal go bad.

Even if there were no chance of a deal, this is experience and education building.If there's an opportunity with nothing to lose and something to gain, take it!

I do this to discourage people from applying unless they are seriously interested if they failed screening or if they walk away then they lose app fee. 

It means you have to purchase the property as is, sight unseen (Can't go inside), & they will not accept contracts w/ any contingincies.  

Remember all those that say save your money for your first deal.. well that could be good but if you don't know what your doing you could lose 20k on your first deal as easy as you could break even or make money and you wasted a bunch of time and stress.

A processing fee to equal to the total fine (including fees, penalties and any other charges) will also be taken out to compensate the landlord for handling.Keys, Garage/Gate Remotes: If Tenants or their guests break, lose, damage, or lock themselves out pertaining to keys, garage or gate remotes than the tenants are responsible for any cost replacement, locksmith or other cost to rectify the situation.

I live in New York City and recently got a full time job to support myself but I don't want to lose track of what I really want to do.

As a buyer, you might have less to lose than as an owner.

The mid 90's I was losing $100k per year.

@Chris McDaniel  depends how much money you have it could be a small risk and if you lose 10 or 15 K when a bank fubars you so what.. just the cost of doing business.although really what is this guy saving if they are low value assets he is only saving what 30 to 90 days at most of interest carry tax and insurance that s what 2 to 3k maybe.