The toughest tasks are obtaining the carrier appointments and the staff to service the accounts which can be avoided if you purchase/partner in an agency versus starting a new one. 

The tenancy is held until they return the premises to me and/or a properly obtained and executed writ of possession from a judge sets them out on the curb.Your state laws may vary.  

@Kobe XinYou do not have to be a resident of Texas to obtain a Texas Real Estate license

Expect a minimum of 35-40% down and 10-15% cash on hand reserves in the plan to obtain such financing.With respect to growing your retirement, you need to find entirely stand-alone ways to put the 401(k) to work.

Get out and interact with those folks in the market however and whenever you can, and talk to everyone even those you don,t think are in the business. 

I was thinking of keeping the savings and using the HELOC as a short term loan to obtain the property.

and where do I need to go to obtain purchase and sale agreement and things like that?

You also need what I like to call the foundational five.Rich Dad, Poor Dad by Robert KiyosakiThe Richest Man in Babylon by George ClasonSecrets of the Millionare Mind by T.

How can I use the equity from my first purchase to obtain the second property?

@Matthew T. never done anything this big but taking your numbers your expenses are 33k so your net is 35 k.