Hey Daniel,With that $500K HELOC, you’re in a great position to leverage it for a multifamily property, especially if you can find a deal where the rental income covers your debt payments and builds equity over time.

Split the $20 to buy yourself lunch and dinnerIf you are on the road, daily per-diem should cover a lot of your day to date living costs.If they send you on the road, you can potentially airbnb your house.Best of luck!

Seller Financing OptionsSince the seller has struggled to move the property, they may be open to creative terms:Low or No Down Payment with Seller Carryback: Offer a seller-financed deal with a low down payment and interest-only payments for a set period until renovations are complete and cash flow starts.Balloon Payment: Structure a deal where you pay interest-only for a few years and refinance or pay a lump sum at the end.Master Lease Option: Lease the property with an option to buy, using rental income to cover expenses and fund renovations.2.

Current house is 2500 sqFt 4 bed 2.5 baths. 

Most occupied property insurance policies will cover "vandalism and malicious mischief" but there are different forms of policies so you'll have to ask.

Just make sure the bed/bath count is correct as it can affect the income drastically 

If the property is able to cashflow at all or at least cover all expenses I would keep it.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.