Now that you know how to calculate the current value or potential purchase price on the property...let's talk about determining ARV on this asset. 1) Do a complete rent comp analysis to determine if there is room to push the rents higher2) If there is room to increase rents...then you can start to determine what the value of the property would be after increasing the rents. 3) This will then allow you to back track to determine how much you would be willing to spend per door on CapEx improvements to achieve the rent premium.

Shortly after, he refinances the property with a 3rd party and uses the $100k proceeds from the new mortgage to extinguish the bank personal loan. 

Similar units in the area typically pull in $500 more per month on a short term basis vs. long termThe seller purchased the house 1 year ago for $210kI’m inclined to offer $265k and see if the owner counters.

After a week of grief, and expenses, I looked over my lease, and cited where my tenant had fallen short of it. 

So, they will want to know that you are serious and in it for the long haul before they start giving you equity in the deal.Honestly, if I was in your position as a new investor with no experience who found an experienced investor to partner with, I would be less focused on how much money I will get paid in the short-term and more so on how I will use the experience I gain to make exponentially more $ in the future. 

I don't think that I mentioned that I do still have one lower paying W-2 job, and rental income from my 1st property (short term rental income thru Air BnB) that brings in on average $1300 per month.

One of my favorite real estate strategies for this year is Short Term Rentals.  

We want to keep my house long term as either a short term airbnb rental or long term rental.

You maybe able to get the bank to agree to a short sale instead.

My main concern was that with a HELOC I would not want to carry the additional payment for a long time, so maybe investing in a flip or something that would allow me to recoup the cash within a relatively short period of time would be most beneficial?