@Alex D'Anjou I started out with smaller multi family properties which were a great learning experience and am now focusing on larger projects.

Based on what you are interested in, have you considered purchasing a primary residence that needs updating/renovating? 

Use the heloc for rehab costs on your next projects. 

They will know if the right construction materials are used, can get you projected insurance quotes up front and save you a ton of time and energy.

However, if you aim for a higher property value, it hinges on the comparables in your market.I suggest assessing the project's cost and comparing it to the values of similar properties nearby.

Buy, Renovate, Rent, Refinance, Repeat. 

And if you are going to selling the properties every 5-7 years to buy something new, then you can avoid a lot of these costs, but if you plan on holding forever, you will have some renovations to be doing over time.

Seek for homes where property management may be optimized or where renovations and enhancements might raise rental income.Long-Term View: Although cash flow could be difficult initially, take into account Silicon Valley real estate's potential for long-term value.

They're looking to renovate and add an ADU.

For example, a real estate syndication project that generates passive losses year one could do this.