I do want the property and someone else will eventually come along and offer more so I don't want to play games like submitting a lower offer than before.

I have no Real Estate Experience, However I have passion and a strong desire to succeed in Real Estate and create wealth for my family and eventually teach other to do the same.

The numbers work better with 3-4 tenants per roof than 1 tenant.I'm in the slow, painstaking process of gathering information on owners of duplexes, triplexes, and quadplexes in the area so I can start my direct mailing campaign to hopefully grab a few of those eventually. 

As I build up my cash balance I can use less and less of the Heloc and eventually not need it at all.edit - I don't really care what the interest rate is within reason for my uses, it's all short term.

As an additional caveat, our plan is also to eventually do cosmetic renovations in 3-5 years when the rental market has matured a little bit and we can significantly increase rents.  

The eventual goal being to transform it into a Self-Directed IRA and have him buy his 1st rental property through it at a young age. 

Consumer items depreciate and eventually are cast to the landfill.3.  

I eventually took out a 8 month interest-only personal loan for the entire purchase price at 5.5% There will be permanent financing options available after the rental has "seasoned" for 6 months; since I bought the property at auction as a "case only deal," conventional financing wasn't allowed by the seller. 

I want to own 50-100 units eventually.

I was also lucky enough to have bought my primary home in 2009 which eventually gained over 150k of equity over 5years.