If so many people are considering it a "don't do" and multiple realtors are calling it illegal then why is it on the HUD and why are there specific portions of IRS regulations around how to do it properly?

In my market, you can find a home that needs 20k in repairs for 30k-50k.My question is, is it a good idea to capitalize on the HELOC opportunity if I find a solid deal?

Mandy, since August 1st is on your door step I would find an already existing church and rent space from them.I like the idea of a church because most of them are still struggling post COVID and could use the extra income and probably won’t kill you on rent.I would set up meetings with pastors and get face to face with them and communicate your needs.If they don’t have space, they usually would know of one who would.  

I have contacted The Authorities and I will let them Folks handle the situation properly and thorough. 

Its not til you get into the 20 or 25 unit plus properties that are you likely to see any sort of seller with the organizational ability to have tracked their expenses properly.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Personally, if you have to wait 3 months anyways, it seems like a good idea to take on a project that takes 3 months to maximize returns.

@Sayli MulayMake sure title company properly titles the deed and connect with your custodian in advance for proper language requiredThese get delayed all the time because of improper language

If you're ok with this, it sounds as if you may be starting to outgrow your current tax advisor so it may not be a bad idea to seek someone else out either this year or next year.

However, it's important to note that forming an LLC doesn't guarantee full protection, and it's crucial to comply with legal requirements and manage the entity properly.