. $425k) to purchase a 12-unit Apartment ($1.5M) with 25% down ($375k from the HELOC).The remaining $50k from the HELOC could go into fixing/rehab of the 12-units.Then cash-refinance the larger amount from the 12-units to pay off the HELOC in one lump-sum (as much as possible), then using the cash flow from the apartment to pay off the rest of the HELOC.Repeat the process with a new apartment.1) Does this make sense? 

What I have done instead is pay cash initially.

Here's how they work: they advertise a low initial cost of $499 for a 30-yard dumpster, but in the fine print, it says you'll pay extra for any weight over 3000 pounds.As a first-time home renovator, I assumed the 3000 pounds would be more than enough and ended up paying a lot more than I expected.

Balloons coming due with higher interest rates, China market, China production, Manufacturing production moving back to the US, Worker shortages, Workert pay hikes, Ukraine/Russia food and fertilizer misses, Oil prices increasing due to the OPEC Q1 production curtailments in place, Houthi issues, Panama Canal Water issues, Illegal immigration impact (buy one of those office buildings and rent for $10mm per year for Illegal housing, take advantage) social benefits required, Climate change believe it or not- Buy or sell into that thought process,  US politics, Baby boomers leaving workforce and needing more benefits, Baby Boomers moving from Stocks to Bonds,  etc.I agree things will get worse, but that means more investing opportunities. 

Is it practical / worthwhile to get your agent license purely to avoid paying listing-agent fees on house flips?

To win, you have to pay more and with FHA you need properties in good shape so they pass FHA inspections.

Both own multiple LTR houses.Be aware that if you buy a STR in your SDIRA you can never stay in it or work on it while your IRA owns it. you cant stay in it even if you pay normal rates?

You pay off $6M mortgage, have $4M in “cash” but only a $2M taxable gain ($300-$400k?).

And short periods of time generally expose the investor to lots of extra risks including execution risk, refinance risk, interest rate risk, etc.

I do know I have built a strong relationship with him over the years and in many ways it’s starting to bear extra fruit!