I’m pretty sure In Las Vegas proper you’ll need a license (which you probably won’t get by year end.)  

i.e. single proper Buyer agreement, exclusive buyer agreement, etc.Does the principal broker her a signed agency disclosure with this party?

Our loan balance is $640k (rolled a HELOC that we used to buy a triplex into the primary mortgage back in 2020) on a 30-year fixed @ 2.85%.

If you are planning to pay the HELOC back after each flip but then draw it right back out to buy the next one, you will have a loan balance most of the time and a refinance might work just as well for you.

How do you balance these strategies, and what signals do you look for in deciding to hold or flip a property?

If you use a HELOC I would do a project where you can pay it back(BRRR, Flip) and not keep a balance. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Digitize physical receipts for easy storage and use a consistent naming convention for easy sorting - 2024.03.25 Home Depot.Maintain proper records, such as contracts, settlement statements, and promissory notes.Additionally, you can track income and expenses consistently using software or spreadsheets.As you scale, if bookkeeping isn't fun, consider hiring a bookkeeper for a couple hundred bucks per month.

If the amount paid to purchase an existing note is below the principal balance or more correctly, the unpaid balance, the investor will benefit from an early payoff to the tune of the discount.  

I’ve seen folks panic and act like they’re about to be stuck holding a ticking time bomb, but if you structure the contract properly, give yourself a decent inspection or feasibility period, and understand local investor demand, you’ll rarely end up empty-handed.