If buying as an investment and not planning to live there, different story.As far as taking out a LOC I would make sure you take it out in the LLC or entity you plan to use to purchase the property with so you have some business credit seasoning under your belt.

If you're asking because it's going to be your first couple of problems, why not be the first couple of properties in the area where you live so I'm comfortable with and then boom then expand to another territory?

I was considering doing an FHA loan as I could live in it for a year.

I guess I'll start by sharing a bit of myself and how I got here.A few years ago, I saw a listing for a 4 plex in a nice part of a city in the CA Bay Area and thought, that would be so great if I could live there and collect rent to help pay off the mortgage (it was even listed for a reasonable price, though I'm sure there was a bidding war for the final sales price).

You're living a lot of people's dreams.

I live in Michigan.

I joined this group with the hopes of starting a Real Estate Investment business soon so that I can step away from the corporate life I have lived for more than 30 years.It's time for me to try something new...oh, where to begin :) 

I met a new investor, with contracting experience, at a local real estate meet up and he is interested in doing a flip using a hard money loan, renting the property out to his girlfriend, then using a FHA loan to buy it so he can live in it.

Despite living on the East Coast, I did Rental Arbitrage in Tempe, AZ virtually.

Is anyone doing a Residential Assisted Living strategy?