I have already invested in PPR note funds (10% 3 years income & liquidity) and GSP.

3) SM Property Value Appreciation Trends4) SM Pop Growth5) Safety compared to the rest of Dallas6) Income - median and avg7) Rent Cost - median and avg8) Rent Growth Trends9) What percentage of population under poverty line10) What percentage of pop are families 11) What percentage of population are families w kids12) Avg people in a household12) historical vacancy rate13) avg bed/bathroom composition14) Profession by percentage 15) Commuter population by percentage and commute timeThanks y'all!

Purchase price: $1,100,000 A low-income 42 unit apartment complex built in the 60's.

At the end of the day your net income will be about the same without the large expense of making it a STR.

I was turned down for a HELOC with a different lender (a local credit union who would've given me more credit, but determined my current debt-to-income is too high, especially since the rental property isn't generating rent at the moment).I know that I can do a cash-out refi on the rental property in a couple months.

Could you go reinvest it in another property to build even more income?

Otherwise it's just another stream of income like a job. 

My father also has another property that I am a cosigner on, he tried to get a HELOC but was rejected due to low income so I'm wondering if I can come and qualify for the HELOC even if I just purchased another primary property?

Ty Rick, I figured this is what most that rely on RE as a core income & have a team to care for are doing to keep the machine running.

It depends on Johnny's tax rate, and how much employment income he already has.