I’m on the hunt for my next primary and would like it to be a project. 

We were able to get into it with a 5% down primary residence loan.

I think we have the option of taking out a heloc  and begin to invest elsewhere.The other idea , that I was thinking is paying off our primary residence which we owe 425k.

Have you read The Slight Edge by Jeff Olson and Atomic Habits by James Clear?

If the other two parties want to flip a house maybe they can do just that as partners and then sell you the house which you can buy with a primary home loan with low down payment.

Would the buyers/borrowers be purchasing with the intent of putting a mobile home on the property and making it their primary residence?

out of state is more difficult than advertised. do you already own a primary residence? 

Here’s a bit of background on my current situation:I own one rental property that generates $1,900 per month in rental income, and it is paid off ($300K).My primary residence is also paid off ($288K).I’m currently building another rental property with cash ($200K).

my condolences on your recent lost.there are a few ways you can do this, as mentioned above you can take a heloc on your primary residence which will give you a second mortgage, first mortgage payment wont be impacted. you can do cash out refinance which will give you one mortgage and payment. it will pay the old mortgage and give you money in your pocket to pay for the rehab.or you can do a renovation refinance which is similar to cash out refinance but we would contractor involved  as part of the refinancing and they are paid through the loan

Looking to rent out our primary and move into a property that has potential with the help of renovating.