Maybe he's already charging above-market rates and needs to adjust expectations.I don't see the justification for spending $12,000 to install electric baseboard in four apartments.

I am thinking the Pros of the HELOC/HEL are a faster closing, perhaps a cash discount for the purchase, no PMI, lower rate/cheaper closing?

They worked exactly how your retirement accounts are supposed to work but 3 x faster. 

Househack properties in 2024 sold 1-2 weeks faster than they did in 2023.Deals are tougher to negotiate as well. 2 of NYC's surrounding Counties (Westchester & Suffolk) are averaging above asking price sales on 2-4 family properties. 

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

Budget Wisely:Make sure your budget accounts for the purchase price, the cost of the renovations, and any additional charges involved in flipping a house.

If you asked me to run a ton of properties, I would still be happy to do it, I may just charge a service fee at some point.

Yes, we might end up doing it faster but I want to underwrite it with a longer timeline since this is our first one just to be safe and we would likely try to do some of the work ourselves to save on some demo and reno costs. 

I only charge $500.

I would get a couple of other opinions on the quotes that are coming in and what you are being charged.