You can leverage your HELOC and cash to cover the down payment, the initial rehab draws, and holding costs. 

I probably wouldn’t mention your third point - it makes it sound like you expect them to hold this note forever and I’m not very certain, but I’m guessing there isn’t a huge market for $100k secondary notes.Have you considered asking them to finance 90-100% for a short period of time so you can rehab and refi at a higher valuation?

Hey @Abigail King - I'm quite a bit further north here in Chicago, but my friend @Brad Stegall hosts a great meetup in Perioa - consider connecting with him and attending the event.Are you looking to buy & hold or fix & flip?

Buying new constructions and holding them for only 3 to 5 years is an interesting strategy.

Yep texas puts a six month hold. 

I will likely buy with cash and not hold a mortgage. 

For holding vs. flipping, let your goals and market conditions guide you—flipping can build quick capital, but holding offers long-term gains.

Last year I would have said buy and hold.

If you will be a large equity partner or if you hold the experience to do the deal, the lender will likely want you on as a guarantor.

The assignment fees then enabled me to roll into other strategies, buy and hold, fix and flip.