I don't have money for a down payment and there are improvements that need to be made to the home that I want to use the equity for, so I thought maybe apply for a HELOC or home equity loan first since I will own the property once we sign the contract and then use some of that money towards the downpayment to pay off the seller and then I will be making lower payments.

I’m a full time real estate agent and just passed my brokers test and applied for multiple licenses so that I can open a property management company.  

These units are rare to pop up (I stay in one of the units each Summer) and usually are gone in a week....so I know the opportunity is 'there'.The goal is to relocate in 4-6 years and use this as a primary residence (but still travel and use as a vacation rental).I'm confident w/ the rental history of these units and comfortable with cash flow (hate having to initially throw down so much $$......but HI has their 'rules').

@Denise FrazierThe IRA distribution will be taxed at earned income tax rates and state taxes may apply.

A lot of the times people turn SFH into two units to live in one and rent the other one but they don't always apply for the conversion.  

@Denise FrazierThe IRA distribution will be taxed at earned income tax rates and state taxes may apply. 

I have had the same tenant in the property where I apply this practice now for over five years.

This would be a great question for your CPA.On a cash-out refinance, the deductibility of the interest is subject to the interest tracing rules.

There are certainly no guarantees you won't get a bad tenant, but I wouldn't completely rule out an area because of the current laws.

I am still in highschool, and my parents want me to go to college for four years and get a high paying job. i think the best way for me to start out is get into a trade (hvac) and save for about 2 years, i will be 19-20 by then and have enough for my first deal and be able to apply for a mortgage.