But since Coronavirus news  Im not to sure what to do now.My Tenant is already moved out.The plan was to sell it and invest some of the cash into another property but now considering renting it out again and waiting to see how the economy plays out.My contractor is waiting for an answer from me to either do "Rental standard" construction or Flipping. 

On the contracts, I always use the standard state approved contract.

Is she on to something or is this standard practice?

@Nate Pucel, as mentioned standard RE contracts have two main contingencies, inspection and financing. 

While true appraisals have a very systematic way, I look for as close as I can find overall, and then just do a pro's and con's list that should start settling into a standard value. 

Not a standard savings account or some collectible, but in some sort of long-term investment vehicle.

What is the industry percentage standard if we were to work out an equity deal when the property is sold?

Mortgage standards are nothing like they were back then.2.

Maximizing rent roll, among a whole host of other things, largely depends on how many legitimate bedrooms (granted NYC standards) you can eek out of the layout.

The other reason is that the tax reform doubled the standard deduction and restricted many itemized deductions, so you may no longer be using itemized deductions anyway - making the deductibility of HELOC irrelevant.