I keep it short and simple. 

At the time, Charlestown was still considered a neighborhood you didn't want to be, and though much of our process was simple-minded and far from analytical, we rolled the dice and pursued the opportunity based on a rather street-level intuition of knowing that a location like Charlestown would not stay that way forever.

Anyway I have about $135k available on my heloc. sale price on the duplex is $279,000, so 20% is about $56k. the house is perfectly livable as-is, but at $60/sqft and properties on the block selling for $140/sqft i think there is room for some forced appreciation. the building is currently a three-floor duplex townhouse, one unit is the ground floor and unit two is the top two floors. all floors are basically the same floor plan. the second floor has a kitchen/laundry stacked above the first floor kitchen/laundry. on the third floor, the room is in the same place and empty, but utilities (water gas electric) are already run and in place for adding a third kitchen/laundry, so conversion to triplex would be simple as installing cabinets and appliances and building an exterior staircase up to the second floor rear deck. the three 2bed/1bath units would rent for $1000-$1200 a month each, conservatively. we would have to find somewhere else to live for that to happen, but that is our 1-3 year goal anyway. would it be better to make the bank loan smaller with a bigger down payment from the HELOC?

One piece of advice I would give my younger self if I could be KISS....Keep It Simple Silly.

I think a simple partnership accomplishes what is needed without the ongoing cost.

You can pull out up to 75% of the current appraised value of the home with a simple, readily available, conventional cash-out refinance.

Such as The Hands-Off Investor or passive Investing made simple.  

Centered on Interstate 14, the town is easily accessible and offers simple routes to major cities for work or entertainment.

Centered on Interstate 14, the town is easily accessible and offers simple routes to major cities for work or entertainment.

Also, since this is my first property maybe I should "keep it simple stupid."