Depends on factors but a basic response would be, would you still have a decent amount of cash reserved or would be a big down payment leave your account pretty dried out?

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.

In the mean time, if the HOA does try to re-foreclose on it, our legal adviser said that basically we once we get the main title we are still in a 1st position and can have the HOA's tenant (if they are even able to place once in there even) easily thrown out.My take away, skip this HOA foreclosure auctions.

They are both cars".That being said, my (other) builder friend puts up his fairly basic new construction homes for about $125/psf

Basically have the rent go up $X every year on the anniversary month.  

Nothing major, just the basic cosmetic stuff like floors, cabinets, showers, etc. 

Some of the basic instructions I gave them were either not acknowledged or got lost in translation (Please see below). 

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

is this your first ever project?