I have yet to find another rental property for pricing comparison that isn’t an unfair apples to oranges comparison.

Purchase price is $210,000.

Chicago has a fantastic real estate community, and there are plenty of networking opportunities.

In many areas, there simply weren’t enough existing homes for buyers, which created a big opportunity for homebuilders.

Holding costs should be lower than using all of HELOC. 50k won’t cut most purchase prices, so have to use some of HELOC too. 

--------------------Again, I appreciate the opportunity to speak. 

More than likely you would need to give up around 70-80% of equity and own a minority - some deals would allows you to buy it back at a set price as well. 

However those that are .. i see this stuff as fine tuning  and there is network opportunities for those doing deals.. but it cant be Hey I am just a beginner and i have no real capital and just because i am part of the club you should do deals and include me.. does not work that way. 

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

The best approach is to set clear, written criteria, and then price the property at a rate that gets you enough applicants that you can find a few who meet your criteria reasonably quickly.