My townhouse gives me a little bit of each, but Id rather it be more heavily weighted to one or the other.

At what point does a buy a hold investor re-evaluate and which calculation holds more weight for you?

Luckily these desirable things make me happy as well.Our first home we bought, which is now a rental, we had the same experience!

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It sits between 3 of the most desirable areas in Cincinnati, but prices are still low.

I'm a graduate student, starting school this Fall and am feeling a desire to act on these real estate thoughts in the back of my mind.

Though it would be a pain to have to go through you lender for access to reserves, I understand the lender's desire to control the funds and, extensibly, give greater opportunity for success to the venture.   

@Chuck VanDyne  I'd be interested in any good 19th Ward properties, or others around the desirable parts of the city, that you find!

(Using the HELOC at all conflicts with my desire to fix and flip 2 or 3 properties to build some cash reserves before investing in the next buy-and-hold, but this seems like a deal that might be worth while to investigate further even at the expense of any flips.)Before I spend time and resources checking out that property, however, I would like to know if there even are any avenues any of you can recommend for financing this deal. 

Brandon Turner mentioned in one of the podcasts that he started paying $3-4 an hour and when the assistant reached his desirable level of expertise, he started paying her on commission basis.