If this was a huge dump of a home that was built in 1890 and needed completely new mechanicals (electrical and plumbing) then I would actually consider it and exchange it for a home that is newer (modern layout, newer mechanicals)good luck

All I have done is started using the HELOC to pay off chunks of the mortgage like I explained and because of all the various mechanisms I described I've been able to put a ton of extra money toward the mortgage.

If you have it fully renovated, including mechanicals, roof, etc.

In most states it is very easy to file a mechanics lien against a property owner. 

I'm looking to build a 2500 sq ft two level ecofriendly single-family home which incorporates natural surrounding into the design, I'm trying to figure out what my cost should be for architectural plans: elevation, floor plan, mechanical, plumbing, electrical, etc.  

These would be properties with good roofs, windows, siding, and mechanicals.2.

I am an automotive mechanic currently making just shy of $30hr.

If you don't have the expertise to do the due diligence, bring in a broker for their opinion / aappraiser and a few contractors to look at the home structure/mechanical's.

I think both a HELOC and a hard money loan are really something you should consider a bridge financing mechanism.

I'm 24, working in the Texas oilfields, have a Mechanical Engineering degree, and sitting on some cash.