For a first time real estate rental investor, is it a good idea to pull out equity from your primary residence in the form of a refinance, HELOC, or home equity loan based on today's current rates to fund your first purchase? 

However, if you do qualify as a full time real estate investor, as your primary occupation, then your profits in some real estate activities may qualify to be offset by “excess depreciation”.Another thing to keep in mind is that any depreciation deductions are recaptured as ordinary income when the subject property is sold.

The minutia stuff, like paper work and who pays sales commissions is different but the process (do comps, buy smart, update kitchen, baths, floors, paint, hire solid property manager, is the same.  

It needs drywall/insulation, flooring, a complete kitchen, and new windows.

Also find a full timer, 80% of agents are part time, i also recomend look at who has the majority of the listings in the area you want to buy, and work with them, they know that market best.  

What are your thoughts on mailing a receipt every time rent is received?

Kitchen is in good shape, has an open floor plan. 

Kitchen and bathrooms are outdates.

1,508 square foot 3 bedroom, 2 bathroom single family home on an 8,400 square foot lot in Sunland, CA, in need of $5,900 in minor cosmetic work.There is a 400 square foot detached garage in the back that can be converted into a 500 square foot additional unit equipped with a kitchen, bathroom, bedroom, and living space after rehab. 

Save up for another down payment during this time. Rent