You're right but $40-65k is still relatively cheap when you're just looking to buy something out right in cash without having to use a loan at all when that amount is probably your average downpayment for something around $200k for a duplex in other neighborhoods. 

I think using a heloc is a sound strategy, but be sure you find a deal where you can cash out refinance into a more stable loan.

Hey Liz,As a loan officer who has completed more than 2,200 loans in Minnesota, I can assure you that attorneys are completely unnecessary, and expensive in Residential Real Estate in MN. 

The reason for this is that existing loan guidelines are set up to favor people buying their primary home.

You have fixed build cost it seems and fixed loan costs after the refi.Are you building 2 bed 1 bath duplexes? 

Especially if you’re interested in finding off-market gems.About your first few questions when it comes to bank accounts and loans, there’s no special “land flipping” bank account, but you want one set up specifically for your real estate activity.

Whether you decide to rent your current home and move or buy an investment property to rent or flip, having the right financing strategy will be key to making sure your deals are profitable and sustainable.Here are a few loan options that might help based on your strategy:DSCR Loans (Debt Service Coverage Ratio) – If you're looking to buy a rental property, this could be a great option.

The 83% occupancy is going to hurt your loan options.

You would be better off attempting to sell the entire loan to be honest.

well because those are the only companies that do fix and flip loans..