I really don't want my first flip to bankrupt us!

The maintenance fees will increase continually, people will stop paying and it will bankrupt the building.

If cash out out of pocket is tight, that might allow you to reach the 5% minimum for conventional (if that's how you want to go), assuming your credit is good.the $7500 IHDA is out of $. it's just another con game by our bankrupt state.

Emotional Rationalization will bankrupt you. 

The worst thing that can happen with an investment is it goes bankrupt and you lose your entire life's savings. 

Most of the REI purchases from 2006 to 2009 were done this way and a lot of those investors are out of the biz or went bankrupt. 

If you feel the risk of a HELOC is too much then you are  defiantly not prepared to invest.You are starting a business, a very secure and well proven business, but a businesses non the less and they do have risk and do go bankrupt.

@Juan Francisco yeah that makes sense actually...if the situation is the seller needs to get rid of the property or face being bankrupt then it it worth the shot for then to do a subject to type of deal 100%

It doesn't make any difference how many books you read or podcasts you listen to, you'll still make mistakes... but it's better to make mistakes on a smaller project that you can learn from and then use those mistakes to be more successful on your next larger deal vs starting out with an apartment building where the mistakes could potentially bankrupt you. 

Which is why they're still vacant lots - until the logistics change, or are taken on by either of these two groups: ignorant wannabe moguls (soon to be bankrupt), or, rich couldn't-care-less show offs!