Question- do I keep the heloc I have and just pay it down or do I get a heloc on the rental property to pay off current heloc and go forward with another property? 

And the rest of the gain will be deferred in the 1031 exchange.

Next BIG item, where is the video walk through????? 

I've read J Scott's Books on flipping and gone through the Youtube rabbit hole but I feel like I'm missing a piece.

I was thinking that the very thin hard carpet could serve as a sound insulation layer, and just installing click together LVP right over the thin carpet and the thin hard stick on tiles. 

I was considering taking out a $240K HELOC with a 10-year draw period and pulling $160K from it to build the next rental property.

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

Cabinets/trim go in this week and flooring should be going in within the next few weeks.

No need to invest out of state, when you are in one of the best places in the world to invest in real estate. 

Account holders can't take any write-offs personally for investments made in the 401k.