I have personally been considering a HELOC vs a traditional mortgage on a free and clear property.

Once you have this framework, you can go through the specific limits of coverage just like you would with any policy.Lastly, when you decide to move out, you will need to convert this to a traditional Landlord policy.  

When providing this feedback, I am mainly referring to traditional rental opportunities, or flip possibilities.To not be all doom & gloom, I want to transition to some positive points:Though at the market prices properties are now selling for, the numbers are less appealing for traditional rentals,-AirBnB has caught fire.

I did it for a couple of reasons 1) never did a condo 2) different market so I needed an underwriting appropriate for that market and not want to use underwriting from my traditional market.

@Bryan Hope, as long as you live in the property you buy you can use a traditional residential loan.  

My second purchase was the only one that I had very reluctantly resorted to a loan from my parents, only due to timing constraints on closing (and numerous failed attempts to obtain traditional financing) and not wanting to liquidate my stocks portfolio.

This has required a degree of creativity not encompassed by the definition of a traditional real estate agent.

Everybody will start shouting about "piercing the veil" and how LLC's aren't any good...but I believe that when operated properly LLC's should provide as much protection as a traditional corporation.

You'll burn through that 3k in no time if you do things traditionally.

You can definitely get a loan on 4 plex through FHA but the qualifications are more stringent than traditional loans.