Have you ever had to deal with major delays in a renovation project, and how did you manage the situation?

Most likely when you apply for HELOC, your lender will pay for all costs, and you will not incur any out of pocket costs.If you want to do a "Cash-Out Refinancing", I think this is when you have to really plan things.

I’ve worked with a lot of first-time buyers, and common concerns like HOA restrictions or property management costs often come up.

I'm actually a District Manager with Build 2 Rent here in Florida and we have off-market multifamily properties (both occupied and vacant) that you can purchase with a primary residence loan and interest rates in the low 4's.

A contractor will tell you anything is possible but that usually comes at additional cost and time.Challenges - We had some hiccups in the beginning of the project that got our project held up in permitting and added 2mo to our project.

I would highly recommend speaking with a financial advisor as they bring much value besides investment management.

i say this not to discourage you, but just to help set expectations.based on the numbers you provided, for example - 40K down payment + closing costs + rental and make ready costs - let's call that $50K. 

I have a rental property in Park Forest, Illinois & everything has gone up in cost & the taxes are ridiculous, as with many South Suburbs of Chicago.

However, it's been six months since we hired a property management company, and the property is still not rent-ready.Now, the management company is telling us that we need to spend $8,000 to get the property rent-ready after a pagedale occupancy inspection.

I sold a condo in the Bay Area because of the ever increasing HOA fees and bad financial management of the HOA - this went against my rule of selling off CA properties.