@Carson Plant a good Property Manager will protect your property, protect your income stream, and reduce your headaches.

The resi unit is owner occupied, so that guy wouldn’t be losing any current income stream if I offered to buy him out.

You can mitigate this and be different (instead of the endless stream of newbies who come on BP, post once and then disappear) by educating yourself ahead of time, maybe doing a deal on your own etc.I have been doing this for 3 years.

I'm somewhat familiar with Iflip and Prop Stream but have heard some problems exist with these programs. 

Since the house is fully paid for, I would like to do a HELOC and take out what is necessary to purchase another rental property and fix it to code and have that as another stream of income.

But I just do not have extra money, which is why am actually pursuing doing something like this so I can get a second stream of income.

Ample reserves, healthy amount of cash on hand and good savings rate from some other sort of income stream (job, business etc).

I graduated in 2015 with a Finance degree but went the entrepreneur route to learn new skills and build other income streams that can supplement my job and lead me ultimately to financial freedom.

Spill the beans.

We have had a solid stream of responses and have a couple screened candidates that should pull through.