@Luke Stone Definitely, as long as you have a reasonable amount to put down (~15%) and income to maintain the monthly payment.

I will keep this thread open so long as you or no others use this thread as a meet up request and only talk about your recent solicitation removal.

As long as they know.

Hello Brent - This should be true with most lenders as long as you purchased the property prior to filing that years tax returns. 

Learn as much as you can for as long as you can.My first investment was my personal residence in 2006.  

In TN we do have a clause in all counties except 8 that a handyman business such as my husband's business that does not require a contractors license as long as we don't do jobs over $3000 we don't need the license but we are still required the insurance.

If your son is looking for 3-4 unit resi in SD, you should research the "self sufficiency rule" as it can/will eliminate many coastal properties if/where 85% gross rents don't cover PITI; does not apply to SFRs and duplex so long as DTI works out.Long time no see on BP BTW Erik ... glad to see you back and I hope all is well in Memphis.

Regarding the deposit situation, as long as you and the existing tenant that stayed are in agreement, you certainly do what you suggest. 

There is not enough info provided to determine if the transaction is prohibited or not but as long as the "borrower" is not a disqualified party, then you are fine there.

Please keep in mind that you may have prepayment penalty in your state.One of the main problem is that the interest rate is variable, so you really don't want to be in a position where you have to keep the money out very long as the rate could climb up.The other problem I have heard of but haven't had time to investigate further is that, apparently, the bank can call the HELOC at any time, meaning they may ask you to reimburse all the money they gave you at one point if they feel like it.