Would add Sub 2 & Out of State House Flips. 

@Michael Daniel Ultimately, it's all about confirming what the housing authority pays.

If I owe $350k mortgage and I take out $100,000 HELOC and spend it on say a 6 month CD,And then I sell the house for $700kI would only have $250k profit right?

As for the decision, it's really tough for any of us to say without knowing your goals, your situation and the numbers on this particular house.

Quote from @Charles J Sabo: This will be huge for house hackers out there. 95%LTV on 2-4 unit properties.

I've done this on one house in order to cut costs - since then, I've added a meter with the utility company but it's a good workaround for the short term. 

Your biggest issue is that $50k may not let you get a nice house and have any reserves.

Most suburban cities have VERY limited lots and most of those are zoned R-1, meaning only a single-unit house can be built.In the City of Detroit, it's cheaper to buy one and rehab than build!

I have done it successfully on my last 2 buildouts, maybe 3, but only because I was able to acquire the properties at a very low price and I did all the work in-house (myself and some hired hands on staff).

Don't forget to annually mark time for vacation or family time.You might consider hiring a teenager part time if there's something that is time consuming (for me, putting out 20 open house signs then picking them up).Best to you!