After closing, work on increasing your income, reducing debt, and preparing for a second mortgage.

How will the partnership cash flow cover the HELOC payments if interest rates increase?

Palm Coast, while not as flashy as Miami, is indeed growing rapidly, with increasing interest from higher-income professionals and retirees.

Start by leveraging what you already have—consider tapping into equity through a HELOC, house hacking again with an FHA loan, or increasing cash flow by converting a unit to a short-term rental.

It's kind of disconcerting when I can only raise rents by 5% but insurance is increasing by 10% to 15% per year. 

Higher assets or cash in the bank increases what is called you compensating factors which banks/lenders use to qualify.

Supply and Demand: When buyers outnumber sellers, prices and rents rise.Population Growth: Cities with significant and sustained population increases are more likely to see long-term rent growth.Job Stability and GrowthA property’s value is tied to the jobs in the area.

My estimation was with leverage I could do about 7 homes a year and each year after it would increase. 

Slight Update: After speaking with more BP members, I’m increasingly leaning toward making my first purchase in New York—a 4-unit rental property where I’d be my own landlord.

As other people have mentioned, does it increase risk of being rent controlled down the road?