If he uses the HELOC responsibly, he'll be able to serially buy performing hard assets and eventually get to the point where the monthly cash flow will provide future down payments.6.

Look up the Future zoning map. 

Check with your lender about any owner-occupancy requirements tied to your mortgage.Market Analysis: If you plan to rent it out in the future, take a close look at rental market trends in your area.

The objective is to keep as much of your operating capital intact as possible.The goal is to buy, fix, finance, and avoid leaving cash in the deal, so you always have liquidity for future projects.

I would like to purchase another duplex in the near future and am looking for a possible turnkey.

I've consulted a few times over the years with planners and with the way I buy properties, my liquidity requirements, and my concerns about about how government overspending affects the future, makes me a poor candidate for IRAs and 401(k)s with the stifling regulations.   

I do stocks and all but real estate mogul stuff fits me better.

We have offered to allow her to pay a reduced rent for the first few months as well but I am worried that may create some sort of limit on how much we can raise the rent on her in the future.

This might be a question for our insurance broker/future attorney, but wouldn't the LLC be formed in Indiana since the rental property is located there (versus Illinois where we will be living)?

Hire an attorney and proceed with the eviction.In the future, I recommend you don't accept "landlord references" from friends or family members.