You can act as the owner builder, essentially you are the contractor.

Their contract essentially reads that if there are overages, the builder is financially on the hook.

In either case, case reserves are essential.

I know you stand to make $70,000 profit on the sale but since you are upgrading your home in the same location you are essentially realizing no gain since you are going to sell at the top and buy right back at the top on the second home.

Essentially 80% of that is going right back into the house come spring.

Is it likely or unlikely if I play this right with the rental property, the rent will for that houses mortgage and my HELOC so essentially I am at the point I started with having only one loan (my mortgage). 

You are essentially just treating the LLC as a property manager.

That said, there are closing costs associated with mortgages so it rarely makes sense to me to pay them down early as that essentially increases your APR, especially if you are going to turn around and get new mortgages on new properties.It makes more sense to me to either scale faster or buy the “next one”with cash.  

The business of note investing essentially boils down to three things: finding notes (deal flow), finding money (sometimes partners or other investors), and managing your notes and your money.

The GP is essentially gifted 20% of the deal for their efforts and is in the cash flow day 1.