We estimate its value to be over 400k, so we plan to refi and put the proceeds into the next deal!

Leasehold interests terminate automatically when rent isn't paid.

The plan is to live in it for a cpl years so right now I’m assuming my best bet is a tricky FHA 203k loan.

From a civil engineering perspective, I have experience creating civil engineering site plans and permitting for apartment complexes in Houston. 

I am planning to sell my single family house in Plano 75075. 

You will just want to make sure the property cashflows well enough to pay the HELOC payment or you have an exit plan to pay off the HELOC. 

My plan is to live in the house while in the area and either rent it or sell it once I decide to move.

We plan to keep most of our portfolio in Knoxville.

I’m active duty Air Force retiring next year.What are you planning for your first investment?

You think it will be passive because you are planning on hiring property managers, but that's a big cost for one property and you still have to manage the manager or your cash flow will dwindle.The way you are proposing what you want, you may get caught in a turnkey funnel and end up with less potential scale on the investment than you had hoped.