When you add purchase price, carrying costs for at least 6 months, materials, labor, real estate agents costs and taxes, do you have at least a projected 10% profit?

Do DSCR loans qualify if purchasing through 1031 w/debt-carry-forward requirements?

Can you carry the property for the construction period?

Why not joint venture with someone who has money, fix & flip itWhy not rent it out for at least the monthly carrying costs.Why not sell it on a lease option, get 10% cash up front to fund school? 

@Jaycee Greene I planned to approach the seller to explore the possibility of carrying a seller's note.

One solution I’ve seen is closing the purchase in cash, then securing the HELOC afterward, though this carries more risk.

Additionally, they have another property which has appreciated in value, carries low interest rates, but has negative cashflow and essentially feels like it just locks money away.

Unless you're working with Private Money that is going to carry the risk of your lack of experience, banks want to see experience, Net Worth and liquidity after close to consider the terms.I started with single family, four plexes, and remodel flips for a lot of years before getting into larger deals. 

By the time you factor in insurance and any cap ex....it's already a loser...even if you aren't carrying a mortgage.  

He didn't have to do that...you're carrying him).