The rates are a bit higher but it allows those with self employment income to get started.

@Justin Tylus tagged at end of post to keep text from self deleting...

This is a great forum with very knowledgeable members that will help to guide you in the right direction.There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts

If you can self-manage locally and are willing I'd also stay local for that reason, saving 8-10% on a PM and getting firsthand knowledge of how to properly manage a property will help you a ton once you do upgrade to using a PM.As others have said, there are other risks associated with buying out of state, if you have the capital to manage and weather any storms you may run into from afar its not out of the question as to whether it is worth it but as a new investor you truly do not know what you do not know so I wouldn't recommend investing long-distance.

6) If you are not going to self-manage  - yes you need a PM. 

I would greatly appreciate any advice you all may have for me.STATS for property & self :-Primary SFH since 11/2018-No other loans (no student loans, personal loans, or car loans)-Credit cards: 4 in total with zero balances -W2 employee Questions:-Is it better to get a home appraisal before applying for the HELOC, so I know a more accurate estimate of equity?

I love reading / listening to books about business, money, real estate, and self improvement. 

Any suggestions would be great.I'm self-managing at this time, so also wondering if I should set a separate legal entity for the managing part.

You should be able to see a newly listed 3-plex for $xxx.xx and know right away whether it's a potential deal or just garbage.I started out in real estate with no experience, and in the 6.5 years since buying my first duplex I've analyzed thousands of properties and have a total of 35 units and a self-storage facility.

Some people like self managing and they want a dozen or two houses to pay for their retirement.