I never lock any HELOC money into any project that I do not plan on getting my money back within 6 months.My HELOC is right around 9% as well and interest only.

I have a property that I'm currently living in but plan to turn into a rental once I buy a house in the next year.

The renovation will convert a row single family home into 3 family home ( the layout is already there ):- the first flow will be 1 bed, 1 bath- the second floor will be 2b, 1bath- the basement.If those 3 rents, I can easily have $1800-$2000 in gross rent per month.So any creative financial idea I can propose to him?

To provide a bit more context:- the first floor is a parking garage with concrete block walls and stucco siding- the second floor - the first habitable floor) is having significant water seep into the back wall (stick framing, stucco siding).

@Stephanie LucianoIf you currently own a home and you don't plan on selling it or making it an investment property, this financing option wouldn't be available to you.

This is definitely an expense I had not planned for.Christine

How long are you planning to hold this property?

Longer vs shorter occupancy (e.g. if you have planned work). 

If you are serious about investing in other markets, I would absolutely plan a couple of trips that coincide with local meetups/REIA events for each market. 

Thank you so much for the Response Alecia, I think it is important to add that i can use an FHA loan to get this home and do PLAN on living in one of the units since i still live at home as of now.This was great advice, i appreciate your time