Speaking just as an investor, I still would shy away from a HELOC for the simple fact that I am not certain how quickly I could pay it off/down. 

As of now I'm working with my junior realtor (close friend & new to the industry) to source a property where the rent income will be able to cover debt service and operating expenses all while living in one of the units (therefore, removing the rental income of that unit from the equation).

I do understand that there are many different types of properties that don't fit into the correct zoning, or go against the restrictions and operate without a problem but I still wouldn't want to start a deal knowing that I am financing something that is against the law.

About 2 years ago, I decided to quit my job operating heavy equipment, and decided to go to school.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Hi BP Friends,I'm doing my first 1031 Exchange, and I need some simple help from those of you with experience.The house I'm selling was titled in my name.   

@Samuel Carmichael besides what @Brandon Ingegneri said about looking at absolute dollar amounts to figure out if it's even worth the aggravation, I also agree with @Michinori Kaneko about looking at percentages.Personally I look at percentages first, namely 1) cash on cash return (yearly money back after all expenses including mortgage, divided by all money invested to get it rentable) and 2) debt service coverage ratio (net income after operating expenses but before mortgage payment, divided by the mortgage payment).The first is (obviously) a measure of return, while the second is more of a measure of risk as it tells you how much of a buffer you have between the property's net income and the monthly fixed mortgage payment.After you get a little more experience you'll also start to factor things like replacement reserves into account.

The first property we had inspected is in great shape and we were asked to fix a handrail and replace a battery in a smoke detector( simple $150 charge for the inspection and $20 for me to fix).

I'm operating in Canada FYI).

It should be simple (or so it seems).