The Big plus is the tax deductions they will be able to take as well!!! 

How is it for preparing taxes? 

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

Had to negotiate to 999,000 only to stay under the NYC luxury tax.

Does this strategy utilizing HELOC really work on saving money and paying off mortgages much quicker?  

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

You can always use a software like Turbo-Tax and follow the prompts.

We were initially looking out of state for a potential move and or investment property just because the property taxes without being able to homestead, plus high cost of insurance, and harsh weather on homes made me feel like it might not be worth it.

Mostly because the tax incentives are *insanely* good. 

I would be beneficial to determine if they are other aspects of the property that make it a worthwhile investment (tax, appreciation etc).