I received leases and expense details prior to making any sort of offer from a few different properties.

MaxLastly, new investors often ask what to estimate for expenses.

Every investor has different goals, strategies, risk tolerance, etc and it all will affect how they decide to go about their acquisitions.That being said, when talking commercial real estate you ultimately have one goal: keep your income as high as possible and your expenses as low as possible which then translates into a higher NOI and in consequence a higher value of the property.

"  $475 for an attorney is not a bank breaking amount and yet can save you from a lot of future headaches and expensive mistakes.  

What I can't understand, is that if you pull 80% of the equity out to buy another property, all you did was make your payment much larger and you no longer cash flow, or just barely make the expenses....  

So expenses of 17K. 

Confirm income and expenses.

@Jabari Jones, my question is: would the (future) rent coming in from your current home cover the the HELOC repayments (and other property expenses) once you draw out the full amount?

After all expenses and rent checks, we pay less than our 2 bedroom tenants do for their rent! 

-  Rent would be approximately $1,350 a month (3b/2.5r and two car garage) and owners current annual expenses are approximately $5,500 with taxes, insurance and HOA fees.- HVAC and hot water heater are 15 years old and appliances are that nasty beige and needs new carpet and paint