Also, look out for red flags like neglect, possible liens, and unpermitted renovations.### FinancingMake sure you have your financial matters in order.

Just bear in mind...you will probably operate in a grey zone (unless you open a business and get the licenses, which most people don't care to do) and obviously need quite some cash to get started seriously.

The subject property is zoned Neighborhood Conservation (NC). 

stacks of capital for unexpeeccted repairs, zoning, headaces you simply can NOT forse e until it happens, and 6 months of the mortgage in reserves for vacancy/ job loss. 50k an d8k in credit is mayb safe to by 1 property. that 38k you think is left, not nearly that will be left over. so what is leeft..... theere are your reserve. you have noting left to get another property

That’s a big plus for anyone trying to keep consistent cash flow.But there are cons too: extra paperwork, annual inspections, and generally a bit more red tape.

It's definitely an outside-the-box idea to transfer the property to an LLC before applying for the HELOC.If you move the property to an LLC, lenders might see the transfer as a red flag.

A few of those cautions include the investigation of existing encumbrances on the ground (zoning requirements, existing or proposed easements and assessments, encroachments, etc.), existing site conditions (high ground water, site topography, existing soil types and soil environmental concerns, etc.), the location, depth, and capacity of utilities to service the site - including public utilities (sanitary, storm and water services), franchised utilities (power, gas, cable), capacity of the local streets to accommodate additional traffic from your development...Be sure to find out if there are any specific local ordinances you need to satisfy (possible tree & wetland surveys, together with any necessary tree & landscape or wetland mitigation plans) and whether there are any concerns from municipal departments (e.g. hydrant locations from the fire department, storm inlet and retention requirements, as well as asphalt / concrete road requirements from the engineer), entrance requirements from the road commission (left turn and passing lanes at the site entrance), etc.Once you get past all this you can finally prepare a preliminary site plan and enter the political arena to get preliminary site plan approval, and to address any concessions the board and neighbors want from you to overcome their objections to your development.

Plus, if your property isn’t right on the water, the chances of it getting completely wiped out are even smaller, around 10%.And if you’re not in a flood zone, then it’s really just a matter of balancing the cost of insurance versus the potential gains in a market where people are panicking.

Location is always important, never invest in war zones. 

It depends on the zoning.