I would like to get my first investment property before the end of the year. 

You want to take a second loan (HELOC) on your primary residence to use it to go get a third loan, first on a new property?

He started out just doing cosmetic fixes on a few single-family homes, but after connecting with other GCs and forming partnerships, he ended up getting into some pretty large-scale developments.For you, being in Bryan/College Station, there are a few standout companies that you might want to connect with if you haven’t already.

What about just getting a normal furnace?

- Why can't you buy now and use savings to pay down your mortgage balance to get rid or PMI?

You'll get the cash entirely free. 

@David Neubauer Forming an LLC is smart for liability but can save you taxes if get an S-corp.

How does a trust fit into all of this (if I wanted to get things into a trust for my children)?

You will have to talk to your Local MLS, they should have a feed that you can provide to your database engineer, pretty much the same way Zillow gets all the MLS data. 

Getting a tax pro’s help can ensure you don’t miss out on potential savings.Be Prepared for Landlord Life: Living close to your tenants means it’s easy to handle minor repairs and keep an eye on things, but it also means boundaries can blur.