@Jonathan Rosado I like the flexibility of the HELOC for short term funding- I take out the max amount once and use however much I need at the time I need it, VS refinancing my whole home (at a higher rate than I purchased it at too) and having that money sit around unused if I don't have a plan for it. 

Having a baseline income from rentals would provide us the flexibility we are looking for and fits well with my personal interests and temperment.  

For a discussion of the roles of Fannie Mae, Freddie Mac (FHLMC), and Ginnie Mae (GNMA), see the Library.Fannie Mae's Community Home Buyer's ProgramAn income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low- or moderate-income family's buying power and to decrease the total amount of cash needed to purchase a home.

If you have flexibility on a location there is almost always a home for sale for a similar price with a better assigned school (particularly now with the population aging/retiring and both parents of a child more likely to work).

So, there will be flexibility when it comes to the work and the hours to be worked.

Another option is to go interest only from a private source at 7%, same 1M loan on the asset, highly flexible and no additional fees as we have already got the construction loan in place on title.Currently leaning toward the private option, it could,  based on flexibility, allow me to improve my balance sheet and down the road approaching other lenders to get more of a residential type product given the property has 3 titles, rather than pursuing a blanket type loan through the commercial office.Downsides of the private loan include the interest only payments don't allow me to amortize the building, and the rate is higher.  

Try credit unions in Indiana, they have more flexibility.  

It was stressful, there was a possibility I wasn't going to get the loan, and I had to be flexible (had to do 20% down instead of 5% in order to get the loan and I had to escrow money to do repairs after closing.With any distressed property, especially a property without utilities on I would try and buy cash or private money from now on if possible.  

Off market and flexible seller gives you the time to sell your smaller units.

I liked dealing with them 2008-10, boy they sure were a lot more flexible then...kinda want to save my major renovations for the next recession :)