But, the thing you really want to focus on as a first-time condo investor is the strength of the HOA and whether or not they have any pending assessments or litigation which is the condo killer.

I wouldn't even bother asking for comps or how much they think the repairs are, it doesn't matter what a wholesaler comes up with, a real buyer will know how to assess on their own how much the repairs will be and thus how much they can pay for the house depending on their business plan (either to fix up and rent out, or fix up and flip/sell). 

Assess your ability to secure financing within the given timeframe and whether it aligns with your investment strategy.

You can be hit with lots of special assessments.

You'll likely want to start with reviewing the requirements under Prop 19 for retention of the base assessed value when adding a child to title, and also look up the rules for a basis step-up at death. 

I am still assessing the project's overall cost, but if costs exceed 200k, it is a no-go.

I am looking to house hack duplexes in that area now, so I am glad you agree with that assessment. 

Establish a strong financial strategy that includes budgeting, various financing possibilities, risk assessment, and backup plans.

Hi Edwin,  Congratulations on your current real estate investments and saving up emergency funds.it's essential to consult with a financial advisor or real estate professional to assess the potential risks and rewards of accessing the HELOC and investing the funds.

Quote from @Cédric Le May: Thank you for your comprehensive and interesting response.