@Michael WeisA HELOC is a separate product.

The appraised value would be off of the finished product after repairs are completed by the contractor.

Shawn.Duplexes and single families and quad's all work in the same way and you should have a little bit of diversification in terms of location and product type. 

Average home price in the neighborhood is $159,000. 

To get into a little more detail on what I'm looking for: B- area or betterWithin 45 minutes of MSP airportAreas with a small town/ neighborhood feel are a big plusTown centers that could be in walking distance are a bigger plusAreas with above average school districts are another plus3-4 unit multi family property (small yard and garage are requirements)Potential for value add - completely OK with doing a live-in remodelWith that in mind, can anyone suggest a few areas worth exploring this weekend?

Although that product is great for follow up and wholesaling, we are looking for a workspace designed to also manage rehab projects and rentals, as well as a better place to keep track of our private lenders/coaching clients/agents etc. 

Normally a personal residence isn't an investment, especially the way an average person buys a home.

Having just walked away from a job that provided my family with an above average salary, I wondered if I was making the right choice.

So lets say you average $200 cash flow per month.

I have run the numbers in the Calculator it looks like it will pay for itself if it is rented an average of 3 weekends a month (minimum 2 night stay.)Thanks,Adam