Selling, Flip, and Primary House- What would YOU do?

[Kimberly Ranz]

Here we go: 

In our primary residence, we pulled a HELOC at 3.2% (no fees, % good for 12 months- if I close it early only $300 fee)- It's $65K.

Then, I ended up signing buying a flip for cash from a wholesaler. This is from a sheriff sale,  so it will be up to 75 days now, before we close the deal. The idea was to flip to sell b/c I need cash now, to help with a larger downpayment of our NEXT primary residence. 

Last week, someone offered to BUY our primary residence, off-market, for what we were hoping to list it for in a few months, once we sold the flip mentioned above. 

So, how can I not over leverage myself- yet get the rehab loan needed for the investment flip, and then get enough liquid for a downpayment on the next house. 

I was thinking of having the person who wants to buy our house (a friend) rent from us until we have the HELOC ready to be paid back? But if he's renting from us, we won't have the liquid to put down on the next house.

Any creative ideas?