I would love to try to flip a house but I've heard it's very hard to find deals good enough to actually make money so I'm also on this site to find out more about wholesaling and any other ways to make money in the market.  

The deal just wasn’t good enough for my investors.

If the new property is a good enough deal to support the payments on the HELOC, then proceed.

Do I have to find a deal good enough that it cash flows above what I would need to pay for my loan (in this case it would need to cash flow $340)? 

In the end, we got stiffed out of one month's rent.Otherwise, as stated in several posts, I would go with Section 8 for a low-priced building in a low-income area if the numbers look good, but they had better look good enough to make up for dealing with hard-to-deal-with tenants where you had better be very good at using diplomacy to defuse situations.

It would be a great prospect to gut and turn into 3 upscale condos in 10-15 years, but not good enough to have to gut right now to get a good layout to rent to most tenants.I personally prefer to rent one house for $800 to people that can pay $800 instead of two apartments for $400 to people that pay can $400.

Ask your lawyer this should be good enough and i think can be written to start at closing but signed before.

If you get the property at a good enough price, that will protect your equity in the deal. 

One percent just aint good enough! 

My business expenses are paid from my cash flows.I'm not the smartest guy in the world when it comes to accounting or even analyzing deals, but my banker keeps writing me checks and has committed to funding several million dollars, and my accountant thinks I am pretty smart, so that's good enough for me.I'm not a speculator who is betting on the come.