On the surface, it’s a game-changer.

Let me know if you need any tips on working with contractors or setting expectations.

Quote from @Cameron Fowler: Hey BP Community,I am wanting to get into flipping and I have the construction experience but am lacking the cash or money to fund a deal.

Question- do I keep the heloc I have and just pay it down or do I get a heloc on the rental property to pay off current heloc and go forward with another property? 

And the rest of the gain will be deferred in the 1031 exchange.

I've read J Scott's Books on flipping and gone through the Youtube rabbit hole but I feel like I'm missing a piece.

I was considering taking out a $240K HELOC with a 10-year draw period and pulling $160K from it to build the next rental property.

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

Cabinets/trim go in this week and flooring should be going in within the next few weeks.

Account holders can't take any write-offs personally for investments made in the 401k.