Just for example, if you buy a single family home to flip at $300k and your rehab budget is $70k (which isn’t a ton - very easy to hit that amount) your ARV is definitely going to need to be above $500k to make any profit/make it worth doing at all.  

This ensures you have a clear picture of what repairs are needed and helps avoid surprises during the rehab.

Fix and Flip -Requires a minimum down payment of 10% with 100% of the rehab financed. 

Do have an idea of your preferred acquisition price and how much rehab might be required? 

It probably needs to be addressed to keep the house safe to inhabit long term even if we keep it as a rental.  

It also depends how distressed - knockdown, full gut rehab, cosmetic rehab, lipstick flip.

Each area has its own rules on how it works, but basically, you buy the house, pay a deposit and agree to rehab the house within a certain amount of time.

I've read many of the BiggerPockets books like - House Hacking- Flipping- Estimating Rehabs- Multifamily Millionaire Book I and II- How to Invest in Real Estate with Low or No Money Down- Investing from a Distanceand even some outside of themand have been wanting to do something in Real Estate for awhile.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I would use my HELOC to make the purchase and rehab.