Definitely a good idea to chat with a tax pro who gets the real estate game to make sure you’re set up right.

I believe it's due to my limited connections, and the people around me are also new here.

I do not currently own any homes, but I am trying to come up with a strategy to invest,  and set some goals.

We're considering our options for moving forward.Numbers:Purchased for ~ $230,000 (2.5% interest)Remaining balance ~ $220,000Appreciated to ~ $400,000Cash flow is ~ $500 a month after setting aside for all reservesOptions we're considering:1- Cash out refinance- at current market rates, rough estimate is that we could access close to $100,000 in equity, but our cash flow would go to $0 or possibly negative for a period.2- Sell now - if we sell before the end of the summer, we could still qualify for living in the property for 2 out of the last 5 years for the additional tax benefits.

Set your investing criteria and continue searching.

Have a bookkeeper help you track the costs on your projects while your construction team knocks out the project, and compare both sets of information to check for inconsistencies.

To top it off, once I get that information, I have to then set a dedicated timeframe to do all the pile of expenses. 

I like pre-construction SFH in the right areas with limited inventory.

Still, to me (with limited knowledge), this seems like a great deal and I should at least cultivate this relationship going forward (while self managing). what do y’all think?

This is often viewed as a "gift" so lenders place limits on the amount that can be "gifted" as well as the manner that these funds can be transferred to you.