I can see that this will do well in similar locations where rents are highest and people are looking for additional income.

You can use Heloc money for a down payment on investment property, but this loan will factor into your debt to income ratio. 

Additionally, have you considered looking up local facebook investor groups in the Georgia area? 

If the financial risks associated with Option 1 are within your comfort zone and you're confident in the rental income covering your new debt obligations, this could be a viable path given the potential for immediate home appreciation and avoiding multiple moves.

I'm not completely sure what you mean by that, but reading between the lines I'm thinking that you mean that you will use no debt (You will pay, up front, 100% of the purchase price.

I'm relatively new to the community as well and appreciate you asking this question so that I can follow along for additional tips.

When I spoke to the NY DOS, they said I just have to setup an additional brokers license and pay the 185.00 fee. 

I always prefer SFR because you can always build additional rooms/ADU to increase rental income and price of the property.

How are you dealing with incidentals and additional pet, amenities fees?

In addition, people generally plan to have modestly lower income in retirement and pay a bit less taxes.