The most practical path is to get a W-2 or documented income now, even part-time, so you can establish eligibility.

This is a very workable approach, and you’re thinking about it the right way.I’ve helped clients (and personally structured) deals where home equity from a high-cost market like CA was used as the acquisition capital for Midwest LTRs, then stabilized with long-term financing once the rental is in place.A few practical points from experience:HELOCs work best as a bridge — speed + flexibility — but you want a clear take-out plan (DSCR or conventional) once the property is rented.For small multifamily, make sure you’re stress-testing rates + HELOC draw cost, since carrying both temporarily is common.Lenders vary a lot on HELOC terms (CLTV limits, draw period, variable rate caps), so structure matters more than the headline rate.Indy can work for LTRs, but I’d focus heavily on submarket selection and property management — that will matter more than the city itself.Happy to share what’s worked (and what to watch out for) if helpful.

I generally take the first qualified applicant, but in the case of multiple qualified candidates the scoring model allows me to decide who the best applicant is and to avoid using discriminatory practices.

Focus on neighborhoods with good schools, solid tenant history, and easy management, it’s a practical way to start building a portfolio without overcomplicating things early on.

Start practicing now by underwriting Memphis listings and tracking ARVs, realistic rents, and market trends, and spend time getting familiar with the Memphis neighborhood map so you understand which areas align with your risk tolerance and which ones don’t.

Quote from @Kyle Geoghagan: Quote from @Ebonie Beaco: If the home is sitting vacant and they’ve already relocated, they may be dealing with carrying costs, insurance concerns, and management headaches from a distance.

The real question is whether you can cover surprises without getting forced into a bad refinance or a fire sale.A practical way to think about it:First, confirm what $20,000 actually buys youIf you are using conventional financing, $20,000 often becomes tight once you include closing costs, inspection items, initial repairs, and lender escrows.

Always looking to understand what makes a deal attractive to serious buyers.Also open to advice from experienced finders/wholesalers on best practices for working virtually!

Safe and practicality wise- our current residence wins.

This has served me well and is still the best practice in my opinion.However, even with being what I consider quite dilligent scammers can still slip through.