This is a tax term that the IRS uses.

Best to buy your next rental with cash to save yourself the $5k loan fees and 7.25% interest👍 

One thing to consider, if there's a draw fee, that will be booked to the WIP account. 

Guys I read a couple great posts here about HELOC for self employed businesses were there are many write offs to show an income on a tax return.  

@Jeremy Bourgeois who paid the VA funding fee?

For the first property I did, I had someone in the building meet the deliverymen and paid them a small fee for their time.

A multi-member H/W LLC in NC will require filing a partnership tax return.

Tax BenefitsMy guess is if it doesn't cash flow, you will make money the other three ways that you wouldn't otherwise be able to if you rented.

Other advantages include value add, tax benefits, capability to legally avoid paying taxes on extracted money, and ideally cash flow.  

Look at your monthly payment (PITI = Principal,Interest, Taxes, Insurance) + HOA + (other maintenance fees if any) and if this amount is less than what you charge for rent (whether its Long, Mid, or Short Term rentals) and you are happy with the positive cash flow, then yes.Or maybe you're breaking even with the condo but you have  knowledge that the condo will explode in value due to some business/attraction/law/policy that will prop-up the sales price in the near future, then yes.Really, it boils down to what your goals are for this first investment.