Investors that are looking to offset their investment costs can typically expect to cover the majority of operational and carrying costs, but those seeking positive strong cash flow and ROI can find limited cost saving inputs. 

Some day I plan on having one there but I'm not sure if its the best choice for my first venture.

I'm working on calling a list of event planners to see if they will share any information.As long as I have a plan before renovations, then I think my worse case scenario is that I spend some time, learn some things, and sell it.

Only available on one unit properties such as single family residences, condos, planned unit development (PUD) and townhouses.There are fixed 5-30 year fully amortized loan terms with 2-5 year draw periods.

I did that and it saved me hundreds annually on a few different policies. 

We will renovate the fix up the first floor additional dwelling and plan to rent it out as a STR for the rest of 1st year to maximize the return of our renovation expense against our W2 taxes via the Cost Seg / Bonus Depreciation.

If rates fall, you can refinance the 2nd without touching the 1st lien.I wouldn't plan for long-term financing with the Heloc as the draw period will term out at some point.

Because you are doing a 1031 no tax savings.

If you're an experienced real estate investor living in or around Springfield, IL, I'm looking for someone to provide advice and constructive criticism of my ideas, plans, research, and goals with.

I do have some saving and assets I could liquidate, but I prefer that as a last resort.