At a minimum,  you should understand what the current zoning is and what restrictions there are.As the post above mentioned reaching out or going in person to speak with the planning and zoning department will be very helpful. 

I can say my personal experience has been pretty mediocre.

Not really worth the time for me.As someone who has written a bunch of algorithms over the years, I am pretty sure there is much more that goes into the results for each person other than the obvious.

While I don’t yet have personal experience with a HELOC, I’ve thought about this one for my self many times.

There is no universal right or wrong, it's personal, it should be a strategy that enhances your life not takes away from it.

DesireeI have seen this same exact thing in Memphis TN in properties located near the University of Memphis so my personal opinion is to stay away unless you can still buy the property where the numbers make sense.

Financial Highlights•Acquisition Price: $72,000•Renovation Costs: $35,600•Total Investment: $107,600•Funds: raised from personal savings and private lenderHow did you add value to the deal?

Hiring a lawyer sounds expensive, but it is way cheaper than hiring a amateur (in this case yourself) who costs you money and provides no results (and then you need to hire a professional anyway).My personal philosophy is to "do it right, or do it twice" and its way cheaper to do it right once. 

So rather than just market suddenly for 60 days when a property opens up, you're developing your personal brand all the time.

Quote from @Dustin Tucker: I'm going to go out on a limb, and say the dumb money keeps buying treasuries like they are going out of style, which continues to push the rate lower.