Wages will also go up, and we will see a better labor/capital balance as we negotiate end-stage capitalism.  

Definitely recommend the seller financed buydown as if you refinance whatever the remaining balance from the buydown is can be used to pay down the principal balance of your loan. 

Sure, it’s easy to get nervous about over-leveraging... no one wants to feel like they’re juggling flaming torches while balancing on a high wire.

I consider that a liability,  don't want it on my balance sheet and if I were out of funds I would sit on the sidelines before entertaining that deal.

Maybe offer to pay a portion of the balance contingent on completing the work or signing a waiver to avoid the lien.

When you are on the commercial side of the bank, and borrowing on the bank's balance sheet, they have a lot more flexibility to how they handle loans.  

If the deposit does not cover the charges, then you should consider whether you want to pursue collecting the unpaid balance or write it off.You did the right thing, and the tenant's behavior proves you were right.

Our loan balance is $640k (rolled a HELOC that we used to buy a triplex into the primary mortgage back in 2020) on a 30-year fixed @ 2.85%.

If you are planning to pay the HELOC back after each flip but then draw it right back out to buy the next one, you will have a loan balance most of the time and a refinance might work just as well for you.

How do you balance these strategies, and what signals do you look for in deciding to hold or flip a property?