As a result, even if you put your number on the National Do Not Call Registry, that company may call you for up to 18 months after your last purchase or delivery from it, or your last payment to it, unless you ask the company not to call again.

Consider the cost of the property, mortgage payments, property taxes, insurance, maintenance, and property management fees (if applicable).

Find out how much down payment you want to put in to the project.1. 

I don’t have the down payment yet but I’m sure my relative will want the lump sum at some point.

I have been updating the house and making the mortgage payments in the seller's name (kept his mortgage). 

It's going to come down to how good the deal is; how Expect to put the property in an LLC no matter what to limit your risk, but you will have to personally guarantee the money that someone's willing to give.If it's somebody you just have a relationship with but has enough trust in you to lend to you, the terms can be different and it's gonna come down to what you can negotiate with them.

I know it's hard to trust an algorithm, but this is a game-changer.

I don't even have a payment system or anything in place.

Is it a bad idea to use a HELOC to pay the down payment for my first short term rental investment?

@Ruth S.If you are the borrower typically your private money lender drafts the agreementsThe docs we use are standard except for the security instrument as that changes by state as some states are deed of trust and others are mortgages