Sounds like from everyone here that a strong vetting of your contractors is an ever more important part given how much the project depends on them and the rehab costs/time.

You are bleeding money now, but each year it might actually get worse depending on the financials. 

Since your property has high resale potential, some lenders may be willing to work with you.Cash-Out Refinance – If you’re open to refinancing, you could take out a new mortgage for a portion of the home’s value (say, 60-70% of the $500K), and use the cash difference for renovations.Personal Loan – If you have good credit, you might qualify for a personal loan for part of the rehab costs, though interest rates are typically higher than secured loans.Partner with an Investor – Given the potential profit, you may be able to find a real estate investor or contractor willing to finance the rehab in exchange for a share of the profits upon sale.Your best option depends on your financial standing, timeline, and risk tolerance.

That will be tough to use your HELOCs together to get another loan because of your collective DTI so it will depend on that.

Depending on how risk adverse you are, going out of state can make sense, but I always recommend investing in your backyard (or at least being driving distance). 

I understand that these rules vary depending on the state, but any thoughts on this?

It really depends on your investing goals—some REITs focus more on dividends, while others prioritize growth.

It depends on what their appetite is for lending.   

It is really going to depend on your cash position and long term goals.

Yes, depends on if he already has a loan and the rate on that.