What are everybody's thoughts related to the Baby Boomer retirement period we are currently in, and its affect on the real estate market?

If not, how does that affect class B and C properties?

If they had more kids and are considering moving to use their 4bdrm voucher elsewhere, it might benefit you both.In any case, it probably won't affect how much the tenant's portion of rent is (since that is capped at 30% of their income and has nothing to do with what you charge).

With the Sf's I am able to rinse and repeat and can continue buying. 

The only thing that concerns me is if I take out a HELOC now and the market gets worse wouldn't the prime rates go up and affect the interest rate I would have to pay whenever I want use money from the HELOC?

@Edwin Campos,At the risk of repeating myself...Congratulations on getting your first house under contract.I'm a bit amazed, however, that you don't know what to do next.

@Ian KeeThank you I will look into those creative strategies because after I rehab and have it rented I definitely want to get my cash back to repeat and buy another.

Thanks for the reply.I'm definitely interested in owning property, but I just don't have any skill (and very little interest) in housing units beyond how they affect the math.

Personal belongs are not affected by the debt on the house

You need to get a good roofer out and determine if 1) there is any framing rot going on 2) any insulation affected and 3) any sheetrock ceilings affected.