Pick a lane based on your strengths and long-term goals.

Hey @Delroy Watson - We've done similar projects, and they are exciting and challenging. 

I'd recommend a HELOC for your situation, especially since there is already good equity in the project.

Quote from @Devin James: Im currently learning this lesson with New Builds that have taken twice as long to complete than anticipated.....Finishing a Real Estate project ASAP is critical because...1) Holding Costs add up quickly- Loan Interest- Property Taxes- Insurance2) Investor Capital- Our financial projections are dependent on how fast we can turn our investors capital.

See the illustration below (click to enlarge).Goals“If you don’t know where you are going, you might wind up someplace else.”

Having a rock solid SOW can prevent many of the issues that arise during any project.

How much upfront costs are typically involved in a project before you know if it's a viable project to pursue? 

It seems like you have some very solid goals of multiple income streams, and a well calibrated risk tolerance. 

The reasons cited for the market not following suit this time are concerns that increasing GDP, especially in Q4 of 2024, and policy changes such as tariffs could lead to a resurgence of inflation and thus a change in the Fed’s projections, with there being 150bps of variance between certain Fed members projections (Source).

Also keep in mind when I started funding investment rentals in 2002 for CA investors 100.00 a month cash flow was the goal and accepted.. and even break even or a little negative was fully acceptable in markets with historic appreciation..