I like the idea of using a HELOC over a personal loan and going with option 2, but it depends on what your goals are.

House gets foreclosed on when a borrower is not paying its debt obligations - typically its mortgage.buying foreclosures is not for the faint of heart as you have no idea of the interior of these properties lastly while it can be beneficial also realize if there are a lot in an area those homes are the new comps when trying to sell so it lowers home values in an area 

The only time I'd say it's an okay idea is if either: The area you're investing in is expecting so much appreciation that you will easily profit off that (watch out for mortgage interest though...the appreciation needs to be higher than what you pay in that and expenses to make it profitable)You have some specific reason for wanting to do it- family ties, future home, major long-term hold, etc.Maybe I'm forgetting another one, but those two are all I have for now...

Start by asking what the numbers look like. then ask yourself, do you and your aunt see things similarly or do you have very different ideas on the property? 

I love the idea of flipping houses and I love finding good deals.

OH, no idea, only ever passed through.  

There will always be room for improvement, might as well keep learning.3) Take ActionMy mentor taught me this very important idea “Say Yes.”

Most of the lenders I work with (provided you have experience and a credit score over 660) would do up to 85% of the purchase price and up to 100% of the rehab costs, provided this doesn't exceed 75% of the ARV.As for the idea of selling the land, great idea.

I like the idea of using a 15-year loan for the best rate, especially since I’m aiming for long-term stability. 

If you ever want to connect and learn more about the turn-key world and swap business ideas, let me know, Id love to connect!