Your primary residence is a liability, not an asset (it does not generate income), compared to an income property which is an asset not a liability.A few things you are missing:1.

House #1 is rented out - tenant met all the requirements (income 3x the rent, over 600+ credit score, no evictions) when the PM screened rental applicants.

I have good credit and a stable income, but not a lot of savings.

Breaking these three down on the direct impact they have had on multifamily pricing: rising interest rates impact your cost of capital, and taxes and insurance impact your net operating income (NOI) which has a multiple effect on evaluations when using the NOI approach for assessing value.Value, while a simple definition, is a complex concept.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

I am a new STR investor and am looking to get cost segregation studies on the 2 STRs I purchased in 2022, with the hope of using them for bonus depreciation against my W-2 income.

However, it demands strategic and cautious handling.The advantage lies in accessing capital without selling existing investments, but the risk involves putting your primary residence on the line if you can't meet the loan obligations.A HELOC should not be your primary choice, as it carries more risk than a traditional mortgage with higher interest rates.Considering your stable income and disciplined approach to investing, focus on saving for the down payment.

@Alex NgMost likely, income verification will be based on your tax return documents. 

Before my personal and 'rental' income/expenses were very co-mingled.  

All of my rental properties will be going into the business on the property management side which will provide the company immediate income.