I have a lot of family in the real estate business, in Pittsburgh, and have been educating myself throughout the last few years, including reading many books through Bigger Pockets, such as Long Distance Real Estate Investing.

I am sure 99% of people on BP are ethical - however, you never know and someone can swoop the deal from right under your nose.2) I think $160,000 is personally a little bit high for that property.3) Alot of the basements in Allentown built in that period are not ideal for another unit.You may be to fix it to add additional square footage; but not another unit.

But personally, you can apply, and i don't think a HELOC has a waiting period, you will still need to have a proof of income.

Some, you have to treat them as if they were your children and just educate them, hold their hand a little bit until they get the process down packed. and if they can't then don't renew their lease/ worst case scenario evict based on failure to follow agreed upon lease/policy of the building.

Even though there's no reciprocity, some states (like NJ) will allow you to waive the educational requirements and you just have to pass the state tests.

This will be my first owner financed deal (and my first deal period), and I'm trying to put together some numbers to make a win-win offer on the property, but I'm struggling to find a scenario where I can cash flow.

getting a Real Estate License is not that difficult, and the education you will get will be beneficial,  if you are a hustler you can make a ton of money just selling houses, and if you want to wholesale you can give a seller the option to list if wholesaling wont fit. 

The intentions is to keep the property as rental...I was thinking HML to close the deal.. and within short period turn it to mortgage...

I'm worried that during that because of that rehab period, my DC property could be considered my primary residence since I have a mortgage, and given the fact that I don't currently help pay my parents mortgage through rent and therefore can't validate me staying there.

I've started to lurk in the forums recently and its been pretty educational.