That's just one thing I was made aware of as a possible variable to take into account. essentially I'm looking for hidden rental costs that I'm not aware of.

I have good credit (730+) and solid income.I am currently lined up for a conventional loan with ~15% down, 6.5% rate, and low closing costs but this would use up most of my liquid cash (minus emergency fund).

I have great credit, but what kind of creative investment opportunities exist for someone like me who doesn't have the finances to start out?

I was wondering if there are any major differences in lending companies that work with home equity lines of credit (heloc)?

@Josh Haney I believe the legal/compliance piece is fairly well covered by those who already commented I completely agree that it's important to retain legal counsel to assist with drafting and also loop in an accountant to confirm structure is arranged with tax efficiency in mind. 

Many people who were lower/middle to middle class (janitor, librarian, accountant, etc) who bought in 1970 for $50,000, house is worth $1.5+ million now.

I took into account property management, 5% no occupancy, taxes, fees, etc.

Given the inspection findings, you have a basis to renegotiate the purchase price or request seller concessions, such as a price reduction or credits at closing to cover repair costs as well.To do a proper analysis on whether the purchase is worth it, you'd need to calculate the expected rent after repairs and the ARV.

Some renovations on my current property are necessary, while others I believe will add proper value, but that's not the focus of my post.Once I sell my current property, I'll have approximately $165K in cash not accounted for in my budgeting, and I have 100% options on utilization.

Make sure everyone is at least 20% members but that will create the umbrella necessary to get everyone “credit” on paper and allow them to start their investment journey.