HI Damien,I have considered using a HELOC for short-term expenditures such as fixing up a rental property, but I'm not sure it's a good choice for a long term buy & hold. 

I'm asking because too many clauses could scare away potential sellers, but if the inspection clause is not sufficient and I don't have a title contingency clause, the only options are to buy the property myself or lie, but I'm an honest guy.

I have lots of clients in the same boat- just getting started and trying to make the best possible choices as they move forward.

Sounds like the best thing to do at this time is save up for a sufficient down payment and get on the same page with your wife to avoid trouble down the line.

Success is a process, failure is a choice

Success is a process, failure is a choice

Success is a process, failure is a choice

You may be faced with the choice between selling now at a big loss or holding it as a rental and having a small(er) monthly loss.

For me, the choice of wood over gas would depend on the market and demographic..... or I would leave it as wood and let the buyer know that if they prefer gas, I could credit them the install at closing and have my sub or whoever they choose do the install post close.As to whether I would pay more for a property with a fireplace, if I was flipping it, and I had to, I probably would.

What do you believe is a sufficient cash flow per month to replace the job?