That said, the right team on your side can make the permitting process and inspections far less painful.I’m curious... as you refine your plans, how do you see yourself balancing the home’s original character with these modern upgrades, and which element of the design do you think will win over the pickiest buyers? 

Perhaps supply and demand were so out of whack before 2020 that 450,000 less people still isn't enough to create a balanced market? 

When you are done you have a cash-flowing rental and your HELOC balance is back to $0.

@Sebastian AlborsIn my experience, buying a single-family home (SFH) in Asheville and house hacking with a family member like your brother can be a smart way to balance costs.

A HELOC could help temporarily if you plan to payoff the balance quickly and are planning to save on monthly payments in the short term.  

The key is balancing protecting your business with connecting as a human being.

You don't have to balance them against each other.

@Rud Sev, I would ask the syndicators you are considering if they have any sample K-1s they have issued in the past to try to get a general idea of how they treat their common taxable items.There are a few things that are likely needed to be outlined:Your capital account balance for the investment, i.e. how much money the syndicator is saying you have outstanding at any time and used to calculate preferred returns, can vary from your taxable capital balance shown on K-1.  

Hopefully it balances out and ends up net positive. 

Don’t forget to plan for the future, maintain a healthy work-life balance, and celebrate small wins along the way—it’s all part of the journey!