Have some reserves for the above and Expect Surprises.

Use that cash to polish off your reserves and have ~50% of your money back to reinvest, and make ~$90/month on that ~33k in a high yield savings while you're on the hunt for the next one.You need to verify the numbers, but unless my taxes and insurance are way off base, this seems like a pretty good deal.If you decide to walk, pm me the address so I can investigate further please.

A 100 year old SFR that last saw renovations in 1970 is going to be very different than a 3 year old condo that has a wonderful HOA and fully funded reserves. 

Most will want to see at least 6 months reserves but considering how debt is such a commodity these days you will find one that will play ball. 

Lloyd,You might run into some issues with using multiple heloc's due to either the DTI issues, or the underwriter exercising the right to deny based on overall risks associated with no liquid reserves being used. 

This would leave me without much cash in reserves. 

There are reserve requirements as you add more units to your portfolio, but I don’t know if those apply to your personal house… but definitely to your investment properties.  

Martin did a great reserve study on his MF and SF.

With only 1 year of work history, are you sure you're financially ready to purchase a multi-unit property, down payment, closing costs, property reserves, personal emergency fund?

Per Avery Carl's book "Short Term Rental, Long Term Wealth," I plan to set up the following bank accounts:Set Up Revenue Bank Account (22%)Set Up Taxes Bank Account (30%)Set Up CapEx Bank Account (3%)Set Up Cash Reserves.