Is there anything in particular that I should do to prepare for purchased my first personal residence?

However, I just think you are in over your head and I say that because I've fought the fight and am almost out of that rut in my investing to a smoother path, but if you do this without the correct preparation you could flat out get in trouble and I would hate to see that happen to anyone when it can be avoided.Please don't buy this unless you yourself KNOW you are ready to meet the challenge.

A CPA is licensed by the state but can prepare returns in each state.

That prepared me in the best way possible for getting myself into a flip.

@Steven MyersMDF will be more stable and require less work to prepare.  

I'm going through the underwriting process right now to see how much of a HELOC I can get to leverage the down payment on my first Buy & Hold Property.This process I was told can take 3-4 weeks (appraisal, credit check, etc.).I think I am eligible for a HELOC amount somewhere between $10k - $25k.I'm looking in the Indianapolis market.What can I do in the meantime to prepare myself to take action on a deal?

Then after you have done some homework and are fairly prepared then I would ask for bits of advice you need to fill in the blanks.

It's great to have cash to buy with, always makes things so much easier and faster in addition to almost always getting a better price.Even if you don't "plan" on buying another right away you never know when an opportunity will present itself and in order to be prepared to take advantage of those times they end up in your lap/face, you should be prepared to pull the trigger and execute!

Too many potential pitfalls...many stated right here on BP from those who realized too late that they simply were not prepared for the challenge. 

What would you do in my position to prepare for the day that bill comes knocking?