Now if you have say 75+ doors and the economics make sense, you could hire someone on salary to be your dedicated property manager and specify exactly how you want things done, vendors to use etc. 

I can't get the sense for the cost of their "Stage 2" service and they won't disclose it.

I also wouldnt let your mom go into 2nd position on an investment property with any sort of restructuring; it doenst sound like she's in a position to risk being wiped out.Overall, though, if you want cashflow on the new property but cant achieve that after a refi into a market rate loan, it probably makes more sense to just flip it, pay off your heloc and your mom, and use the remaining capital for the next deal.

Your income isn't high enough for it to make sense as a rental and the closer you get to your residence limit the greater pressure you will have to sell it before losing your exclusion in whole or part. 500k right now can make $15k per year income with zero maintenance or tenant risks. 

Something to consider to is that if you are able to refinance after the addition and pull out some or all of your new investment and the cashflow still makes sense then by all means I think go for it.

Depending on how much money you're willing to pay, it might make more financial sense to use another platform.

Based on your current assumptions, you would be paying $1,229 per month out of pocket, leading to negative cash flow.If you’re house hacking and living in the property, it might still make sense because you're paying for housing anyway.

Does it make sense?

I'd love to get a sense of how LPs are fairing these days.

@Van Lam - I think your plan to finish rehab and then rent them out a higher market rents makes sense to do first.