When the smoooooooth talking salesman calls you after you listen to the podcast with all the pitch perfect questions I say SCAM.  

I am based out of Chicago, il

With no credit score the interest rate would be based on the lowest credit bucket.

My opinion varies based on my experience, and keeping a property manager has been a nightmare for me.

You are in a great place to learn based on the successes and failures that many have had.  

Would you recommend the route of a first lien HELOC based on the above situation and information?

We don't bait and switch, we work deals based on actual details of the client's specific deal.

@David Cook this is why we’ve started using water based polyurethane on our hard wood floors.

Just keep in mind that there are further steps you'll want to keep to minimize the possibility that your entity is ignored for this kind of personal liability (say, if you were the person who didn't properly clear snow, or if your finances and the LLC's are comingled).And I agree with @Chris Seveney, insurance may provide adequate protection based on what's available to you.

Bathroom:Demo & Prep ($750):DIY toilet, vanity, and flooring removal.Professional plumber for plumbing adjustments.Toilet ($250):Standard, efficient model.Vanity & Sink ($900):A modest-sized vanity and sink combo.Flooring ($500):Wall Tile (Shower/Tub Area) ($1,000):Basic ceramic tile for the shower/tub surround.Shower/Bath Fixtures ($250):Update showerhead and faucet.Lighting & Paint ($250):DIY painting.Update light fixtures.Permits & Contingency ($3,000)Total rehab cost: $30,500Amount Needed: $30,500ROI: 45% of $30,500Investment Duration: 30days Profit: $13,725Total payout in 50days: $44,225EMD: The buyer has put down a 20% earnest money deposit based on the property’s ARV and they are all set to complete the purchase as soon as the rehab is done.To find out more about our Joint Venture projects, please visit our website: http://strandparkproperties.comWe're able to guarantee the return on investment (ROI) by finding buyers for the properties before listing them on our website for possible joint venture fix and flip.