A local real estate attorney well-versed in business law and deal structuring would be your best bet.

In our area, the county has a web site and they open up applications every couple of months for about 4-5 days.

In markets with fairly big swings in appreciation (like California), Ive heard on a few podcasts that a good tactic to tell if the current price is a safe one is how it compares to the cost to build a new home that’s similar, and if it’s less than that it’s probably a safe bet (given of course that you’ve run all the numbers and it maths out, I know to never bank on appreciation, icing on the cake).

Also, all work over $500 (or $600, not exactly sure but can be easily confirmed on Division of Consumer Affairs web site) requires a written contract.

I bet his spirit is still haunting that place!

A great property in a bad market will likely be a bad investment over time.Operator - My analogy about “betting on the jockey” is likely getting old if you’ve been reading all my articles, but I believe the jockey is the most important factor to consider when choosing an investment.

I think a HELOC would be my best bet so I am asking what are the pros and cons, what bank should i do it with, etc.

Facebook is your best bet 

Stayed for four days and I bet they had 80% vacancy or more.

On the other hand,  you have additional expenses (office licensing fee and insurance, signs, web page, office space, secretary, etc.)If you can make as much on your own - and possibly more - then I would tell you to go for it.