Half a month's rent seems exorbitant to me but the market must support it.

Also Mindy Me even mentioning $369 was irrelevant, really $329 is conservative as this will be 4 bed 2 bat 1750 Sq feet.  10 doors down(not adjacent to highway though)  A 1 story 2 bed 1 bath 1300 sq ft home with identical first floor plan just sold for $299K and there are many more comps to support. 

If I had a rule #2, it would probably be to protect my personal home and security - and this move would put that at risk.Using a HELOC to support investing can work, and it can be a good idea.  

I know a lot of people knock GoDaddy because they're a big corporation, but I'm on the phone with registrars/hosting companies regularly (I work in digital marketing/web dev) and they have some the most competent support staff. 

As per state statutes governmental liens-code violations, child support,mets.

The good news is the property cash flows so it could support debt service but from the post we don't know how much cash is really available.  

APPLY FOR AS MUCH SUPPORT AS YOU CAN!  

And ultimately, you shouldn't care what the price of the property is if the rental income can support your PITI and leave you with a decent net income.As most on here have pointed out.

Unfortunately none of us can push you off the cliff, the decision is yours to make, all we can do is encourage, suggest, advise, and support you along the way.

Having an overall strategy is great, but only it you find real opportunities to support it.