If you go all in you have nothing leftover to apply what you've learned from the first door.

Hi Amanda, in 2016 we applied for a HELOC with Suntrust Bank.

I can probably get about $1400/mo in rent, so it fits the 1% and 50% rules.  1) If I were to do a cash-out refinance, my understanding is that I would affirm that I plan to stay in it for 12 months. 

The discussion I'd like to start is, does any of this standard apply when moving into the zoning and taxing?

A lot of people think they can take on this tenant class not knowing that standard REI principles and practices do not apply to the D-Class arena.Did you ask him where he got the 1MM number? 

Portfolio lenders typically follow the same (75%-80%) rule and consider the additional income from your properties and perhaps relax on the debt to income ratio and as long as the deal makes sense and generates positive cash flow.  

If not is there a rule of thumb people take after on the first after (5% or 10% below list price for example)?

I currently bank with a credit union, is that a good option to apply for a mortgage loan or should I branch out?

We also have a Realty Transfer Tax that is applied anytime a home changes hands. 

The IRS rules allow me to manage it, but I have always used a property manager and will continue to do so.