The host purposed the idea of using a HELOC to pay off your high interest credit card (17%).

I don't want to occupy mainly because I am content where I am living currently and don't want to move out of New York City. 

There is also some commercial properties (buildings and lots) going up for sale along the main strip since the new BB&T/Truist building is going up where the old bowling alley used to be. 

Selling a mobile home park and buying a portfolio of SFRs would be considered like kind property for the purposes of a 1031. 

But you and I may have differing goals and resources as far as investing goes...I wanted turnkey and it was ok if it hardly cashflowed...we are investing for tax purposes and make money on that end...but think about who you want to be your tenant...do you want students?

If you live in a Tenant-friendly state like Oregon, California, Maine, Vermont, or Hawaii, you should seriously consider investing in another state or finding another way to make money with real estate like flips or tax sales.

If you weren't credited with the deposit, and there's no documentation that would support a claim that it had been used for some previous purpose, you're on the hook for it.

I've been toying with the idea of getting into rentals as some more supplemental income, and although I've struggled with the math as far as justification, i believe the main reasons folks here by rentals (please correct if I'm wrong) are: Cashflow (although I've seen people do deals eg on Roofstock for only $100-200/mo) + appreciation (when sold) + taxesSo assuming I'm correct there, then the potential tax benefits are 30% of the reason to do rentals.

By trade, I am an Family Law Attorney; however, Real Estate is my main passion, so I made the switch about a year and half ago.  

Amount Y is for different purpose which has nothing to do with amount X.