Let's say i have an off-market deal for a two unit multi-fam in aguadilla for $240 "as-is".

It’s super relatable, especially since your friend is around the same age and also just getting started.Also, as someone who works closely with newer investors, especially those with busy careers like your friend, I’d love to share some insight on how she can diversify her income while keeping it relatively hands-off.

Buying a C-class fixer-upper will give you some short term relief on property taxes.

We don't want to rip off my husband's parents. 2.

However, be aware that this might complicate things with the rehab and if you intend to claim tax benefits associated with rental properties.

You could do a selective cash out refinance on one property to give you tax free living cash.If you do sell you'll want to do a 1031 exchange if you can so that you can avoid tax on all of your gain. 

Those are ones off the top of my head that we use a lot. 

Given that I've been able to find brokers willing to give me a HELOC off my primary residence with a fixed rate are there any drawbacks of using a HELOC instead of a conventional loan vs a home equity loan? 

I'd also recommend looking up a local Real Estate Investors Association (REIA) as they'll have local investors that you can bounce ideas off with.

Then I would co broker deals with someone experienced in the field, learn as much as you can before you start venturing off on your own.