Double check so you are budgeting correctly.Last, I would generally NOT recommend you use your Heloc for your repairs.

Time is critical, especially in competitive markets.Clear Offer Terms - Present a firm offer with terms that make the seller feel confident that you can close fast, with minimal contingencies or proof of funds.Due Diligence Preparation - Have your financing lined up and know your repair/rehab costs in advance so you can move quickly without second-guessing.

.🔴 Overly optimistic projections: Unrealistic ARV (after-repair value) or underestimated rehab costs can signal poor planning—or worse, a lack of transparency.🔴 Incomplete or disorganized documentation: Missing detailed plans, financial statements, or timelines could mean the borrower isn’t ready to execute the project successfully.🔴 Over-leveraged finances: Borrowers with excessive debt or insufficient personal capital invested in the deal could pose a greater risk of default.🔴 Questionable property comps: Overstated market values or inappropriate comparables may mean they’re inflating expectations.As always, thorough due diligence is your best protection.

I saw last week that you can get trained on the JOB to repair Elevators and start at $150,000 a year.

I did a lot of repairs myself but also hired a few skilled contractors for things like electrical work and plumbing.

So one major repair can wipe out a year's worth of profit.

Purchase price: $55,000 Cash invested: $110,000 Sale price: $205,000 This was a 1950 raised home that needed extensive foundation repairs as well as all plumbing, electrical and subflooring.

I have a great tenant and very few repairs issues (I put in a new HVAC and water heater a year before I moved out) but will eventually need a new roof (house was built in 2005). 

This documentation will be helpful if you ultimately decide to charge the tenant for repairs.

If it costs $500 to fill the oil tank and the tenant leaves it empty, that's $500 less you have to cover unpaid rent, cleaning, and repairs.