Second question, Should I go toward the top of my budget (qualified at $260,000 and currently looking at properties near that amount) at the start, or should I scale back and do a smaller property a little further away to test the waters and gain some experience with finding and managing tenants, but will allow me to easily afford the mortgage in the event of vacancy.Any advice, or criticism, would be greatly appreciated.

If you're only safe for a $22k HELOC, didn't you also say that you needed to spend money on your own home too?]

So, my main question is whether or not we are overshooting or undershooting with our 15% budget or should we allocate more since it was build in the 1950s. 

The main reason I care is I don't want to have to spend $1000 or more every year on the tax prep when all I probably need to do is file on the Schedule E (especially with just one or two properties). 

I am about to break ground on the remodel of my home and am building an ADU over my garage for the same property.My question is....is it worth spending the money to separate the utilities or just have one water, electric and gas meter?

I'm currently based on California. Any recommendations for the best out of state real estate investments. Investment under 150k. low crime rate, preferably good schools and upcoming economy+polulation. 

I will get one guy to spend time doing deferred maintenance.

On advice: I would recommend that all member of your partnership team spend a little bit of time on bigger pockets getting educated and listening to podcasts.

It wouldn't make sense to spend $50,000 and then rent the basement for $500 a month but it might make sense to spend $30,000 and rent it for $750 a month.

. ** I’m aware how popular painted brick is .... sorry folks not in the budget!