I have almost an acre and would love to get some upgrades done on the electrical and start specking out an ADU but because of my experiences so far with everyone from electricians to handymen to landscapers I'm holding back for a while.

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.