Flip a coin.Insurance will be your primary line of protection and defence.

We had a gradual leak from a waterline under our floorboards in our primary residence.  

I have used up my current primary entitlement.

. $250K HELOC available (against my primary residence) that I want to use to invest in residential rental property.

Are you looking for someone to do the most cost-efficient work to make it a rental, or higher-end work for a primary residence?

My primary hope is to find an area that attracts quality renters (pay on time, lower crime area, etc) and cash flows.

A little background also, this would be both of our first homes, we are not married but plan on it sometime next year or so, both have good credit, and moderate salaries, and this would be our primary residence. 

Jeff Goff the LLC loan will not show up on your credit report so it's up to you if you want to list the property as an asset and debt as a liability on your personal financial statement when you apply for your primary loan.

Jeff Phillips comes down to risk.If you take a HELOC and something we’re to happen and you could not pay then you lose your primary residenceIf you get a regular loan and you cannot pay your not paying on that 2nd home and they take that but not your primary residenceCheck with an accountant as well as I believe with the new tax law you cannot deduct a heloc if it is not used to improve your primary residence

The reason for renting from us even though they have a house paid off is because their current primary residence is very large and two stories.