Also, the advice to go with apartments compared to single family homes.

Do a walk through to determine repair costs and use comparables for ARV.Keep in mind that just because the wholesaler is asking for $85,000 doesn't mean you can't offer less. 

I assume you are considering an interest only HELOC vs a traditional principal and interest payment loan for the cashout.  

It is nothing compared to a bank process.

It's hard to compare the 2.

If you compare it to a savings account, it looks completely different.The average flip is turning in $20-30k out in under a 6 month hold on 100k-125k investment.  

There's lots of case law on Traditional LLCs being pierced.

Normally a duplex in the hood would not cost that much or rent for that much so it’s hard to compare .it looks like you did your analysis correctly .

I would manage it as a VRBO property, convert to a traditional mortgage within the next two years and make aggressive payments to cut down on the principal as quickly as possible.

What keeps us in Canada is a little bit more stable markets compared to there, The fact we know BC very well and what pockets are growing, and that some of our investors will only invest in Canada.