Thanks everyone for the quick feedback and I would like to apologize for not keeping this post active as I had to travel overseas and just now getting back into things again. --  I have reached out to the PM and he has reduced the price to a more competitive rate but it still hasn't found suitable tenants. 

So, in this case, you get the best of all worlds - enjoying the most favorable cash flow situation that you can muster (the less you're dipping into the HELOC the better) - but if you pick the right opportunity you will also get the chance to actively manage some value add project(s) to a property that you're already living in.If you're married to your current house and living situation, fine. 

@Phyllis EffahI would look to forming the LLC in Alabama as that is the state that you will be considered doing business in.While CA does have a $800 minimum tax; you may be able to potentially avoid having to pay it.This will depend on the level of activity of your partner/member who lives in CA.If he is a non-managing member and doesn't make any decisions regarding the LLC; it can potentially be avoided (money partner).

While the risks are not as great if you are just hiring one or two people, failing to properly distinguish between an employee and subcontractor can raise major headaches down the line. 

Using VA funding = fixer uppers may not be approved by the VA Firefighter working 72+ hour shifts = not a lot of down time to finish major construction jobsLooking for $350k < Want to purchase ImmediatelyMust be some kind of house hacking situation VA loan for primary residenceMulti Family =< 4 Units I see all these success stories here on BP and it blows my mind! 

I look forward to your responses and being an active member in the community!

I've been active as a buy-and-hold investor in Birmingham for an year now, and will echo @Rob Drum's sentiment that Birmingham is an excellent investment market.

I personally would only use my insurance for a major sh!

We are also in the middle of a major renovation in a large duplex.

Hey @Lindsay StewartI been to many REIA meetings and this is usually packed with deals and people who are actively in the business.