The 2nd question is should we pursue the investment property even though we are more cash strapped than normal due to the remodel and if so, would using a HELOC make sense? 

Remember, where while-E-coyote is in roller skates, and then straps rockets to the side of em.....

I am Mike Mattingly and together with my wife Sharon, are looking at beginning the adventure of real estate investing.

It became the summer of RV rentals and long bike rides to get ice cream with my three year old strapped behind me asking a steady stream of questions, a.k.a.

@Mat O'Grady I have used them and they are just like a regular comfortable bed.

The windows weren't the problem - it was the framing around them where they weren't strapped with metal at the bottom of the posts - and the framing requirements were totally different in 1908 when the house was built.  

We took over the property management because the owner was having multiple issues with a few of the "tenants" that have illegally sublet the property, and we are now dealing with the ripple effects (e.g. squatters, dogs, dispute with neighbors etc.)The landlord is cash strapped, and has asked me to go in on the property/deal with him in order to get a cash infusion to cover legal fees & renovation costs. 

But, I found a bit here:  https://www.awc.org/pdf/education/mat/AWC-MAT230-Glulam-2hr-150530.pdfThe aluminum I-beam properties are well documented here:https://www.aluminum.org/sites/default/files/ADM2010Errata2.pdfIn short, one can't make a definitive conclusion. 

Personally, I would be hesitant to jump into a deal when the existing partners are cash-strapped.

PPL is one you should start it, simply because it has the shortest cash cycle when you are cash strapped.