So if you want to handle the extra work, like cleaning, repairs and all of the calls and texts, then go for it.

If you have rental(s) or plan to get one and want to decide between long/mid and short-term rental strategies taxes do play a roll if you have high W2 income you want to try and reduce you tax burden. 

Some sponsors tried to mitigate the risk with interest rate caps but these can't handle unlimited rate rises, and some found that their strategy blew up on them. 

Sorry to be the bearer of bad news, but when you look at the facts of what money was invested in and how it was handled, it leaves little to hope for.The only potential to get anything back is a potential SEC / FBI investigation to see if any fraud was at play where other assets of Norada is possibly garnished to pay back investors.

The cost should be getting reduced significantly. 

My concern with the home equity loan strategy is I'd still have the first home mortgage, the equity loan, and a new mortgage (albeit reduced from the down payment).

If you work a day job in addition to your plans to pursue real estate in this way, then focusing in 1 city/MSA will drastically reduce your time spent focused outside your job, allowing you to keep your income high, your job safe, and your problems simpler.

It’s frustrating to hear you had to step in and handle the process yourself while still being charged a full fee.

I own 5 sfr in San Antonio and rent them out with a property manager handling all details. 

@Bao Vu The purchase price and related expenses from 2023 should be included in the cost basis for the flip sold in 2024, reducing your taxable gain.