If the property is considered non-warrantable, you should still be able to do a standalone 2nd mortgage at 75-80% CLTV on an owner occupied nonqm 2nd mortgage. 

HELOCs typically do not go above 75-80% of value and since the property was purchased recently they would not see that equity unless you did some major rehab to the property.

Hey Stepan,In today’s market, finding solid flip deals requires being more strategic with property selection.

As an aside, insurance companies are inspecting most properties one way or another in the current market. 

My goal for this deal is to purchase a cash-flowing multi family property to buy and hold.

Another thing to add is the regulations, HOAs and Cities are imposing a lot of regulation on short-term rentals or rent by a room, I have seen some HOAs regulate the amount of people authorized to rent the property too.It requires to do a lot of due dilligence to begin with mainly in such big house. 

To minimize taxes, consider the following strategies:1031 Exchange Before Dissolution – The corporation could complete a like-kind exchange, allowing investors to roll their ownership into individual properties while deferring capital gains tax.

Be careful when you start thinking other sales will equate to the same numbers for your property. 

I have one property that is a 4plex in Carson City, NV.

Just do a little bit of research and connect with a great property manager.