Save all the rest of your money in ETFs or bond funds while you wait to get enough money to start investing.

Do I need to wait and give him more time to respond?

For example, let’s look at the CoC return over the 3-5 years:3 year return 92,000/295,800 = 31% over 3 years or about 10% per year (that’s if the profit you posted also included your cash flow, if it didn’t then it would be a higher percentage).5 year return 139,000/295,800 = 47% over 5 years or about 9.4% per year.Don’t forget that you will also need to subtract closing costs and you may need to rehab it again after the 3-5 years after the tenant moves out depending on how well they took care of the property unless you just wait until the very end to rehab it before you sell it.So you may ask yourself, is my goal to have the experience so that I can learn from having and managing a rental for 3-5 years or is my goal to cash flow as much as I can with the least amount of work?

While it might be worthwhile to broaden your horizons and make some fast cash I would wait until you have your buy and hold niche down.

Re-doing the floors I will wait till the summer.

As you see more properties and get more information, you'll get better on finding that offering price.Sometimes I have had an owner that is dead-set on a particular price and won't come down from it and you just have to wait them out and/or move on.

If you only have a couple thousand in the bank, you're pretty limited in what you can do, unless you find the alternative financing options that so many on these forums discuss. 

But personally, you can apply, and i don't think a HELOC has a waiting period, you will still need to have a proof of income.

For LLC, you can wait until you actually purchase the property because most like you will not be able to put the rental in the LLC unless you are buying it with all cash. 

I guess I’ll just wait to move first.