Would still check the loan documents.

Kory, so if I understand, create trace from HELOC distributions and tie to airbnb activity via receipts or documented transactions for that activity.Example: bought land with HELOC - show date, purchase price, location, account for other HELOC proceeds in similar fashion?

I am licensed as a broker in two states and in NY I was able to waive into my license with a current attorney bar card so you might want to check on that as well.If your eye is to working with investors and management, look up Chantal Duame at Good Neighbor Realty.

Look into ways to pay for it, check everything carefully, and figure out how much money you might make.

With $100k in equity in your primary residence, consider using a HELOC to keep your bank account liquid and help mitigate financial risks.Discussing time management with your wife is essential.

That said, I'd recommend focusing on locations with high sales volume as you will have more options to choose from in these locations.So far this year, 240 multifamily properties (2-4 units) have sold in the Bronx - Source OneKeyMLSThe neighborhoods with the most sold properties are:- Wakefield and surrounding North Bronx neighborhoods (31 sold in '24)- Throggs Neck and surrounding Southeast Bronx neighborhoods (31 sold in '24)- Pelham Gardens (30 sold in '24)- Pelham Bay (28 sold in '24)These areas account for 50% of the recent Bronx multifamily sales... focus here to have more options!

If you're in LA and want something you can drive to check out Las Vegas.

We would NOT need to order a 1007 market rent report if we had either:1st months rent and security deposit2 months of rent deposits (canceled checks)If it’s a departing residence we could only use rental income to offset monthly payment (we couldn’t use extra income if 75% of the lease was 3,000 and mortgage was only $2,500 I couldn’t give $500 of income to boost DTI unless he has moved out of the home for some time and we have 1 year of history of being a landlord (which it sounds like we do, just not sure if he’s just moving out of this home).

I assume you’re checking to make sure they literally still live there.  

My lending entity (i.e. my LLC) has a bank account at a national bank.