Here are some considerations for each option:Option 1: Using the HELOC for a down payment and renovation on a second property to rent:Pros:You can leverage your existing property to acquire another investment property without selling your current home.Rental properties can provide a steady income stream and potential long-term appreciation.You can use the HELOC funds for renovation, which can increase the property value and rental income.Cons:You'll have to manage the property yourself or hire a property manager, which can be time-consuming and add to your expenses.There is a risk of vacancies or unexpected maintenance costs, which could impact your cash flow.You'll have to pay back the HELOC, which will increase your monthly expenses.Option 2: Building a new house in a new community and selling it for a profit:Pros:You can potentially make a significant profit if the market is favorable and the property value increases during the construction period.Building a new house allows you to customize the property and potentially attract more buyers or higher rents.Cons:This strategy involves a higher level of risk, as you're betting on the market to appreciate in a relatively short period.There are many unknowns and potential delays in the construction process, which could impact your timeline and profitability.You'll need to have a good understanding of the local real estate market and construction costs to ensure that your project is profitable.Before choosing either of these strategies, consider the following:Research the local market conditions in Chandler, Arizona, to understand the current demand for rental properties and new construction homes.Consult with a real estate agent or investment advisor who has experience in the local market to get their insights on the best strategy for your situation.Evaluate your financial situation, including your income, expenses, and risk tolerance, to determine if either strategy aligns with your goals and financial capacity.Consider the tax implications of each option, as this can impact your overall profitability.Create a detailed financial plan for each option, including projected income, expenses, and potential risks, to help you make an informed decision.Ultimately, the best strategy for you will depend on your unique situation and goals.

Once they hired a personal adjuster and started sharing the story things changed big time. 

My questions is, What is the process for filing, do I have to do a 4797 form to report the sale or just an Schedule E form and marked as sold in 2023?

My husband and I have begun the process of getting into house flipping.

(A commission that should have been paid out of the retirement funds is allowed to stay in and compound.)Personally I would hire an unrelated brokerage and give up the couple percent.

Does anyone have any helpful tips or advice as I go through the process?

For instance, I created scripts to manage all inquiries, and started using apps to automate the initial screening process, so that instead of typing out a response every time someone texted me (a nightmare), it all became very automated.

Banks often are known for having worse service, poor technology and processes.

Section 8 can be great, but you have to know the regulations and complications of each area and how that locality processes the applications and tenants.

You will need to go through your own application/licensing process from step one.