So other than risk, what is the reason for using a HML for the total 130K, instead of using my own HELOC/savings for the 130K?  

@Eric C.It would not hurt your ability to borrow as it is still counted towards your total earned income (you earned it), you are just tax deferring it in a retirement account.

Rent is 550 a month so 1650 a month total for the 3.

The home it self is need of a total remodel.

sounds like you have dealt with all the sharks.. if it takes a really long time to evict someone in that state your best bet maybe to let it go to foreclosure and if it bids up which it could if your buyers are already offering you whats owed. they would not do that if there was not equity above whats owed. your mom would get the overage as long as there is not junior debt.also since her credit is trashed and if you can handle her housing.. she can just stay as long as possible until she gets evicted and then just walk out the door..

@Brent Coombs that's where my head is at too with the $210k in total.

Halo @Freddie Williams , it is totally possible. when you are referring to commercial i take it that you are referring to 5 units or more? 

A 'real estate professional' as deemed by the IRS is someone who works 750 hours per year in real estate, AND it is at least 50% of your total working hours.

I'm very anxious to start working on finding my first deal, but I have a few questions about my debt I'm hoping someone can answer for me.My wife and I both have student loan debt, in total about 60k.

Both rooms rent for a total of $1100 and my mortgage is around $800.