Our goal is to never carry a balance on the HELOC for more than six months.

Maybe you can increase your rate of return by offering to carry the land for another investor?  

it was The Truth About Money or Ordinary People, Extraordinary Wealth, but basically it addresses the fear behind carrying a mortgage, and how it goes back generations to what was happening in the Great Depression era.

Your only deductions before you sell would be carrying type costs.....property taxes, insurance, utilities, insurance, etc.

Sellers can carry back, you know it, you’re a very, very accomplished broker.

Cost/Gains After 10 years:149,800 (DP)141,921.60 (carrying cost (-1182.68/mo))112,984.42 (Total Equity)Value after 10 years: 1,489,000Balance: 486,215.86972,430 in equity.Walk out of closing with $680,708.40 ($5,672.57/mo CF) after paying yourself back the total: DP and carrying cost.This is a simplification also.  

Some states (such as Connecticut) require property managers to be licensed while working under a company carrying a broker's license. 

@David RobertsHi David,I added a column for the New Financing situation as you asked:I zeroed out the Financing from the Purchase by making the DP% = 100% so you did not carry a mortgage.I also lowered the CC% to 3% because you no longer had to carry a Mortgage which generally, you will need to have to pay a Mortgage Tax.In the I Column, I added a new Finance Column where in 2020 you received $400k in your pocket.HOWEVER, in 2029, you must then pay it back.

A holder of a note with mortgage/DOT is a lender and controls the property through the security instrument with the borrower carrying the burden of ownership liabilities. 

After all remodel/carry/selling costs, we cleared $32k.