I am eyeing up a property I want to buy that costs much more than usual so my plan was to use a hard money loan to purchase, and rehab it with my own money, then sell. 

For me to build I would want to see recent comps of sales for the finished project you are planning. 

I'm currently planning to purchase a commercial multifamily building in Chicago with the proceeds of a 1031 exchange.

Most of the time I do the BRRRR strategy and I have scaled to 9 doors now, one of which I'm planning to flip.

The plan was to have the properties completed in 6 months make some money and be on our way to real estate riches.Turns out a lot of the framing was rotten and we had to completely reframe the back of one of the houses.

For example the property being historical or a critical part of a large development plan.

Just keep in mind that using that emergency fund to buy your next property and having tapped a HELOC already may leave you in a bad spot if you run into a similar problem again.Also, I’m not 100% sure, but I have heard that personal loans don’t your credit more so than other types of debt so be sure you look into that if you go the personal loans route and then planned to finance your next purchase soon after.

However, smaller projects or certain trades might not require a license.

If you are accredited, the best thing to do would be to invest 50k into a syndication and soak up all the knowledge of how it works from an experienced operator before you make the decision whether it's your plan.

I plan to live in it and then rent it out in a year.