Take a HELOC and house hack a 2, 3, or 4 unit with only 5% down as your primary residence.

My primary goal is to produce 5000 monthly of cash flow.

I have a double in Metairie that I bought in the last 2 years, so I have some direct numbers specific to that particular area.Using the HELOC from your primary has many pros and it also has many cons. 

I am in the process of closing on a primary residence through conventional financing.I have a unsecured line of credit, that i occasionally move money into my main checking account, when I pay contractors for work on rentals etc. 

Scenario 1 (HELOC on conventional): You will be able to get more on it as it is your primary residence.

(in this market people are paying way more than they should for primary homes so there is some merit to the list price)

My question is, what type of loan would that be (primary home, secondary home, investment property) and how much equity would I likely be required to have?

If your primary Lender allows second financing you might approach a Private Lender let you borrow some other money. 

Hopefully I can find an agent that can help with our primary residence now and then a rental property down the road. 

Hi Joseph, Bigger Pockets is a excellent platform not only for learners,for also  achievers too.good  wishes