PROPERTY INFO4 BR, 2.5 BA near Little Rock, AR$31,980 cash purchase (20% down, 30-year fixed)Property valued at $159.9KINCOME: - Rent: $1,295/mo (Year 1), with $50 monthly increase in Year 2 EXPENSES (Total $1,230.61): - P & I (30-year fixed at 4.75%) $667.29/mo - Property Management (10%): $129.50/mo - Property Taxes: $163.67/mo - Homeowners Insurance: $50.40/mo- Repairs/CapEx (10%): $129.50- Vacancy (7%) = $90.65RETURNS: - CoC = 2.42% @ $64.39/moQUESTIONS: 1.

If I were to paid to get the loan regardless of the total amount, would it be smarter to get the HELOC (I have about 100K in equity in my home which will take good 3 to 5 days to get pre-approval being a weekend) or traditional loan?

(This is considered to be the same as total ownership of an individual property).Note: Other properties owned or financed jointly by the borrower and co-borrower are only counted once. Joint or total ownership of a property that is held in the name of a corporation or S-corporation, even if the borrower is the owner of the corporation; however, the financing is in the name of the borrower. Obligation on a mortgage debt for a residential property (regardless of whether or not the borrower is an owner of the property). Ownership of property that is held in the name of a limited liability company (LLC) or partnership where the borrower(s) have an individual or combined ownership in the LLC or partnership of 25% or more, regardless of the entity (or borrower) that is the obligor on the mortgage. Ownership of a property that is held in the name of an LLC or partnership where the borrower(s) have an individual or combinedownership in the LLC or partnership of less than 25% and the financing is in the name of the borrower. Ownership of a manufactured home and the land on which it is situated that is titled as real propertyType of Property Ownership NOT to include in Financed Property Count: Ownership of commercial real estate. Ownership of a multifamily property consisting of more than four dwelling units. Joint or total ownership of a property that is held in the name of a corporation or S-corporation, even if the borrower is the owner of the corporation and the financing is in the name of the corporation or S-corporation. Ownership in a timeshare. Ownership of a vacant (residential) lot. Ownership of a property that is held in the name of an LLC or partnership where the borrower(s) have an individual or combined ownership in the LLC or partnership of less than 25% and the financing is in the name of the LLC or partnership. Ownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).

I'm not new to RE investing but I'm surely small potatoes compared to some people here,  I have a total of 8 rental units in 3 properties;   a triplex, duplex, and 4-plex.  

My experience went like this:1st meeting: total wallflower to the point of extreme awkwardness. 2nd meeting: seeing some of the same faces gives you the confidence to introduce yourself.

That will be a total game changer for you when you know what you can look for and afford.And@Shawn Q. suggesting you live with family or friends while you look for a place to owner occupy is a great way to save money for that down payment. 

Sorry total cash flow is 1400.  

You may be showing as repair cost which is increasing your total expenses in Sch E so your have less income in that year which will effect your DTI.

If the total number of properties is more than four, you may have to amass substantial cash reserves before you will qualify for conventional financing for your fifth through tenth acquisitions.Once you have launched your acquisition plan, the income taxes tend to take care of themselves.  

The fix and flip business would report $40,000 of ordinary income.Your contractor business would report $10,000 of ordinary income($20,000 of income less $10,000 for supplies).Total combined income of $50,000.you brought up a good point with the licenses.