I have about 150k equity in my home and have $215k balance on my mortgage.

How do you balance these strategies, and what signals do you look for in deciding to hold or flip a property?

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

@Akil MitchellFrom my experience, when buying a property, it's crucial to assess local building codes, potential de-conversion costs, and permit requirements.

I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.

Definitely recommend the seller financed buydown as if you refinance whatever the remaining balance from the buydown is can be used to pay down the principal balance of your loan. 

Proper documentation and consistent reporting are crucial to ensure compliance with IRS requirements.

Sure, it’s easy to get nervous about over-leveraging... no one wants to feel like they’re juggling flaming torches while balancing on a high wire.

The problems with the project mostly stemmed from the crawl space work, which required shoring, replacing structural members, leveling floors and insulation. 

And yep, I was made aware a couple of years ago of that 12 person max and/or I think 4,000 sq ft limitation (or some size anyway) that requires a sprinkler system for all new construction.I don't think they're that wrong for implementing the requirement.