I've done this with my properties because I'm well known in my small town and don't want people to know what I own.LEGAL PROTECTION: By placing your assets in an LLC, you are legally separating them from your personal assets.

Regardless, I'm excited to learn and grow, both, my portfolio, and more importantly, personally.

HELOC's are used for personal expenses or home improvements.

Personally I work with one contractor on all my projects and he goes with me on my first walk through.

In any relationship, business or personal setting expectations up front can make the difference between success and failure.

@Caitlin Logue A smart person will learn from their mistakes, a wise person will learn from others mistakes.

Pay off your debt, and build up a 6-month emergency fund or preferably more.

I personally have 6 in the area but I bought before it got crazy.

I seek zoning variances frequently in Philadelphia, but its a lengthy process and don't personally find it a worthwhile pursuit for legalizing a second unit in a building.

You can also get a personal loan up to $50K which typically is to pay off credit cards debts, do renovations etc, but it can also be used as a down payment.