Lenders tend not to like those kinds of funds because it means that you have little or no actual skin in the game. 

B) I AM invested, my capital is deployed, my skin IS in the game.

When analyzing 6 months to a year ago, there were multi family houses galore in the 350k range, but looking now it seems as if they’re all dried up.I am only analyzing on Zillow, though, which I know isn’t the ultimate resource for finding great cash flowing deals.

There may be several ways to skin that cat. 

Renovate and Sell.Take the gains and pay off the HELOC debt (any remaining credit card debt)Repeat until you build enough equity to start other strategies.Lot of ways to skin the cat.

But I would let it fully dry first.How old is the carpet?

They were very dry during our chat.

The MLS is dry, you have to market for off market deals.I think there might be more opportunity down the line with owners of multi-families who are having financially difficulties with tenants who aren’t paying rent due to COVID and the eviction moratorium in place currently in New Jersey and nationally. 

And good advice on the oily rags- the drying agent chemicals in wood finish oils produce an exothermic reaction (they give off heat).  

It is actually painfully easy to make money in this industry, but you have to be a problem solver who has thick skin and is willing to get her hands dirty and grind to make it work.I look forward to seeing your first post in the "success stories" section in a few years.