Study the market.

I want to buy a new private home and use my current primary residence equity (plus some cash) to buy a new primary house cash and then sell the old one.So, I am looking for a HELOC with little to no closing costs, as I will retain the money only for as long as I am selling my old house after buying a new one.Any advice?

The rule states that 75% of market rents for all units must be more than the total mortgage payment.

@Edwin Lopez House hack to start the portfolio in real estate since living in the property you can do low down payments. 

When was your last flip and what is the market like recently? 

Secondly is this currently rented by the room or rented as one whole house?

I've already closed on the house and currently have an LLC in CT but have not moved the property over to the LLC yet because I wasn't sure if it makes better tax sense to move it under an LLC where I live (CA) or an LLC where the property is located (CT)... any help you can provide is much appreciated! 

There's a few other things to think about too: 1 - Possible owner financing if he wants to still get a stream of income into retirement at an attractive rate compared to the rest of the market (win/win scenario, you don't need to come up with as much cash, and he makes a little $ on the %) 2 - Consider a post possession if he needs some time to move out but needs the cash up front for whatever reason 3 - Leave all the furniture/junk in the property and you'll handle clean up etc. 

When I was going through the mortgage property the loan processor (didn't really seem like he knew what he was talking about fully) mentioned I can't put the house in an LLC because its an FHA and it might make the loan Due on Sale?

If you cannot find what you’re looking for in your market and you don’t want to invest too far, consider pivoting to a single family home.