In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

If any of you have questions regarding the firm, please send me a message directly and I will email you or set up a call.

After closing costs, it was about $107K.

Here is an example of what it costs you to avoid professional advice.

Trying to get a # from him about estimated remaining cost but got nothing.   

If you are going to do a HELOC then you must understand the cost of using those funds.  

Based on my experience of running properties, even if the build were to cost you as much as $600k but you could generate $125k/year, you'd be very happy with that investment. 

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

I'm curious as to what cosmetic rehab you have to do that costs $27K? 

Additionally, your brother would inherit your cost basis in the property, which could result in significant capital gains tax if he sells the property later.