Would you recommend the route of a first lien HELOC based on the above situation and information?

Hi @Alex Lee I would avoid 203K loan and work with conventional renovation loan based on knowing you'll be forced to use 203k certified contractors which will cost more money and offer inflated pricing because they must follow 203k guidelines. 

@David Cook this is why we’ve started using water based polyurethane on our hard wood floors.

We only have one small property, so I manually adjust the price based on what I see for the month. 

Thank you,Phil Don’t have any experience with the mentioned mentors, but I do have 45 years experience in commercial real estate investing.Flipping (wholesaling) commercial properties require the same base of knowledge (real estate principles, real estate law and real estate finance) that is a foundational requirement for flipping residential properties; PLUS, extensive knowledge of the commercial property TYPE one is trying to engage with, and extensive knowledge of the local real estate market for the subject property type. 

In the end, many fail because they make a decision based on the wrong motivation. 

You may need to increase or decrease the expenses based on your situation.

In my opinion, once you know the rates for a specific deal, the best practice is to underwrite base on the upper threshold of the range for similar deals to be conservative.

Each grouping had a common room (perhaps it was shared by multiple groupings ... this was a detail I missed) with a nurses/aid workers office.Central to the two sides of the complex were common facilities such as a dining hall, gym {perhaps a pool ... another detail I missed}, theatre &  games room.With one of the fastest growing groups in our society being single people, we are examining a related idea of a  complex / building providing a modest-sized 1-bdroom "apartment" with more semi-private and common amenities.When I read the title to your thread, I thought it was a project proposing to mix students and seniors into a single complex ... and came in thinking, this ought to be interesting :-) 

Based on most of the work I do with HMLs/PMLs on behalf of my clients, 12% at 70% LTC seems a bit more conservative.