You may have some days left in ad - just push out the availability date to when it is opening again to attract those potentials that are planning way ahead.

The equity in the house is almost exactly the amount needed to pay off the HELOC, so we wouldn't have anything left over to re-invest.

Also, at the end of the day, if you have budget left over, make a draw and enjoy that tax free money. 

If you're introverted and shy, you'll be ignored and left in the corner eating a piece of pizza wondering where all the deals are at.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

This may potentially require a HELOC or something similar if I don’t have enough cash left for deal #2.

Just weigh your options and consider what aligns best with your long-term goals.

Confirm their markups align with the agreementsContractors:  Do they use an internal or external maintenance team, excluding MEP scope? 

Consulting with a financial advisor or tax professional can help navigate these complexities.It might be worth considering how real estate investments could align with your retirement goals, especially in thriving markets like Phoenix or Austin.Just my two cents based on experiences with clients like Jim.

If experience is the lone qualification, you can align with a good realtor and contractor and maintain far greater control along with benefiting from all of the upside.