Also, as fyi, the load amount is for $487,500 (I'm not entirely sure if that would fall under a large transaction category).Yup  I would say there is a good chance that you front the 7500 and don't get the loan.. 

I'll be sure to put in a disclaimer next time indicating that I'm not a CPA and they have to reach out to a tax professional to consult on the matter. 

Keep in mind that I am selling them as affordable fixer uppers and usually only address any health, safety, and functionality issues.

Lol, I'm  not sure i was very helpful, more anecdotal lol.I learned to estimate from other contractors many years ago.I found labor unit books from college bookstores.

His payment jumped up to an amount he couldn’t afford, so he stopped paying.

If you decide to go the accountant/CPA route be sure to ask up front how much it will cost.

Just make sure the rental property’s cash flow comfortably covers the HELOC payments and other expenses.

There is a growing trend of apartment owners investing in submetering systems for water as these have gotten more affordable.

Make sure you understand exactly what they want to see and when, all through the build process.

An old business associate once told me "There are two people in this world you make sure you pay...the IRS and your attorney."