I also would 100% expect an invoice for the microwave. 

Because if he makes this loan with no desire to buy the building he doesn’t deserve to lose his money but he should expect to.

That isn't what you should expect from a single $150k investment in a turnkey single family or duplex.

Like you said with fixed you know exactly what to expect and right not fixed rate HELOCs are typically lower than Variable rate HELOCs. 

At the end of the day, you need to underwrite this property based on the cashflow it is currently creating and possible "stabilized cashflow", then back into your purchase price based on the returns you want to hit.I.e. if you are wanting to make 20% CoC returns day one (your expectations are pretty unrealistic), but it may only be worth $250,000.  

Of course, you won't listen to this common sense because you know more than everyone else here on BP and will have to learn the hard way.So, recommend you find and attend some local investor meetings or commit to watching all the videos and reading all the material here on BP that you can.Good luck:)Not the reply I expected considering asking questions is a part of the learning process but thanks for your insight!

I also have about $20,000 in student loan debt, though I expect it to be paid off by the time I move.

Here is a map showing the solar efficiency/capabilities you can expect across the US.

I expect that to come down.3. 

I just put two long-term rental properties on the market that we rehabbed in desirable area of West End Boise and demand is a little lower than expected.