With the 8 multifamily units, there is 1 single family house on the lot as well that I am buying with the deal.

The information contained in this post is not to be relied upon.

He plans to do more with me and bigger pockets (no pun intended) if the deal goes well.

Purchase price: $270,000 Cash invested: $20,000 Current residence, will be renting out long term starting March 1st, 2025 What made you interested in investing in this type of deal?

We have also completed some exciting improvements including retyring a boiler for heat/cool ductless mini-splits and 9 units being electrically updates.

Going to be interesting to see what sort of impact the new Government's mass deportation policy has on rents and construction costs.  

So he must have already bought the duplex or none of these things could be happening.

It also depends on the situation sometimes a HELOC is warranted for short term financial needs so long as you have a plan to get back in the same or better financial position afterwards and the "means," and "will," to carry out this financial or mortgage plan- HELOC's are typically full documentation qualifying loans so you'll need actual income to qualify whether it be from pension, insurance, rental's, etc that are all fully documented on taxes, W2's, 1099 forms, etc.

To Mike's point, it can also harm your ability to move on with a new partner who probably will not be thrilled to learn that you're still financially involved with your ex... 

How cool would it be with a little bit of searching and probing if you could buy Microsoft or Chase at 80 cents on the dollar?