I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.

With @Michael Baum on this.Another angle of thought - who would have a better chance of success challenging Airbnb TOS:1) A "brand" with 5 units2) A brand with 500 units?

Large apartment complexes flooded the market with inventory and are offering crazy incentives and amenities that crush the small landlord which can make finding a tenant challenging and often for less than market rent. 

Keep detailed records of income, expenses, and improvements, and choose the right filing approach based on your comfort level with these rules.This post does not create a CPA-Client relationship.

Your focus on the Dallas market and Fix and Flip projects sounds solid, especially with the DIY approach and having an interior designer on your team. 

Plus, investing in new construction has meant fewer headaches and better cash flow for us over time.Real estate isn’t without its challenges, but it’s hands-down the best way we’ve found to build long-term wealth.

Most who struggle with construction approach ground up construction using a generic cost per sq ft analysis which often backfires. 

This is a numbers game so you may have to take an aggressive approach towards negotiating several deals before one of them actually works out.

So providing housing in these areas is full of challenges. 

Total profit less closing costs and commissions will be about 42,500 each or 85k total.I would for sure get a construction loan, may be worth approaching 2 or 3 different banks and getting separate construction loans from different banks.