I would first shut off the water main so she can not rat hole her self into the unit.

Same with a HELOC.I prefer to work with smaller banks personally but the main strategy I want to emphasize is that you need a plan to pay that HELOC back. 

The main urban areas for renting are Tempe, south Scottsdale and downtown Phoenix.

Otherwise, the 5% is below market rates.Working together is one of the main ways families become wealthy.The first step would of course be to talk to the spouse(s) that make you brothers in law.

@Adam Ellis are you looking for cash flow or mainly appreciation?

I'm debating on whether to do one of the following options, 1) House hack: Potentially buy a 2-4 unit so I can live in one and rent out the other ones.2) House Flip: Find a fixer upper so I can restore and sell.3) Buy an invesment property out of stateMy short/long term goal is to be a real state investor/developer with various rental properties (Mainly for housing), therefore, I'm aware that the first deal must be chosen carefully.What does the BP community recommend? 

When I graduated college my father was into comm'l real estate and was a licensed broker and he taught me a little bit.The main thing to do is to educate yourself and once you decide what you want to do, focus on that style you pick out 1 or 2 areas and make sure you know them well. 

It asked, "Who are your main customers?".

I started reading Brandon Turner's book today "The Book on Rental Property Investing" and he starts off the book talking about how appreciation or the long-term vision of selling for a much higher profit should be seen as the icing on top, not as the main reason for investing in a rental property. $400 per month is a significant loss on a rental.

Mainly, I want to be able to provide a comfortable life for my family while still being able to spend quality time with them.I have decided to throw everything I have into the Real Estate industry.