House hacking is an excellent strategy, especially with the potential to use an FHA loan to secure a property with a low down payment. 

Real Estate is a large asset class that has many different strategies inside of it. 

Does this strategy utilizing HELOC really work on saving money and paying off mortgages much quicker?  

I’d be happy to connect and go over what I see my clients doing and what’s working, and what strategies are dead ends here. 

It will give you a 30,000 feet view of real estate investing as a whole for different strategies and will allow you to find new ideas and to explore and see what works for you!

There's no step by step guide but there are key things : Learn: RE strategies, what interests you, what do people in your area need.Connect: find a mentor, accountability group and be around those doing what you want to do.Help: solve problems- do people need dealflow, property mgmt, construction expertise, etc. 

The seller would use this strategy when they don't have a lot of equity in the house.

If you choose to go with this strategy you could complete your exchange and immediately do a cash out refi.

It's a domino effect.   

If transferring the property to an LLC, be mindful of the due-on-sale clause, and note that an LLC itself does not offer tax savings unless electing S-Corp status, which is rare for rentals.To maximize tax benefits, consider cost segregation, bonus depreciation, and short-term rental (STR) strategies, which could allow you to offset W-2 income if structured properly.