I don’t consider myself a newbie however there’s always still something I can learn. :-) I don’t have a coaching program I’m selling either.A little over a year ago, I started a thread about who was investing in their health.  

I am considering something similar, the wife is hesitant.  

Something is missing...if there isn't a Board and the HOA (or I assume more likely a COA) is newly formed then why isn't the developer still in control of the HOA?

It would be a good idea to assess your tolerance to risk and then plan something like that, but using a heloc is going to be around 9-11% in this market so to pay something off with lower interest rate to borrow more might not make much sense.

I made poor judgment when I was younger because I was too quick to pull the trigger on some things.

I think your biggest issue with any "work-arounds" is going to be your legal liability and holding the proper insurance in case something goes wrong, which I'm going to assume you'd need to be properly licensed in order to be properly covered by insurance.

Or take the 40% hit now and put the $54K into a Roth IRA and do something similar.Best of luck!

I was 3 months into the rehab when I found out that I needed a whole other category of insurance (builders risk) instead of the homeowners insurance I got on the purchase and that for all intents and purposes, I wasn't covered if something happened.Its a little thing amongst the many things that occurred on that first flip, but I always look back and say "who knew" and know that I know now.

So I would like to get these things hashed out well beforehand as something to present to potential clients and have procedures for my company.

One solution I see some people do is to partner with another investor on a couple of deals where each brings something to the table...more capital, experience, etc.