Just a heads up this will not be tax free, it will be a pro-rated exclusion.

The big unknown is how deep the electrical and plumbing work will go.Also, with the attached 1/1 unit, I’m debating whether this could work as a long-term hold instead of a straight flip.

That will be tough to use your HELOCs together to get another loan because of your collective DTI so it will depend on that.

Find a good real estate agent that is also an investor specialist and they can help you navigate what will get you your best ROI for your situation.  

Thank you Preston I will check it out. 

I will DM you to connect 

Maybe an investor is flipping a lot of properties and you could offer to pick up and deliver materials to his crews, clean the work sites every night, bring his crew lunch, or whatever.Find a way to make yourself useful to them, and they will reciprocate.

Act quick, these type of deals are always available but to the ppl that are willing to act fast.

The biggest question you need to ask yourself is if you are doing this to afford a property you otherwise couldn’t afford or to save money period, that will lead to very different conclusions about where/if to buy. 

Most times when evaluating a DSCR mortgage, market rent will come into play.