If it goes vaccant for any time at all your just losing more money.

For example:  If you found an inexperienced Capital partner and you borrowed $100,000 for the purchase, rehab, and they didn't know anything about flipping a property, you could wind up losing a lot of money. 

If I was able to qualify for a 20% down conventional loan on an “investment” property, do I lose my first time home buyers loan option?

Buy and hold is quite forgiving in that time can heal bad deal wounds, flipping if you make a bad deal, you lose money.

Not having an answer ready could turn a client off and cause you to lose a sale.So, as a consultant, you need to do your homework before taking client for showing or open house.

Along with this is to make some cash a bit quicker to get more properties going.My long term goal is to have finical stability and freedom.I currently run a local service business and just hired a full time manager, so i have plenty of time to put into this new venture.

Just be careful, because a Heloc functions as a 2nd loan on your property and you can lose your primary if you fail to pay (this is also true if you refi or do an Equity loan and fail to pay).

You can be in the perfect market but if you don't know what you are doing you will lose money.  

How much income tax do you pay on losing $36?

If so, you are the sucker here......he has none of his money in the deal and you have a good chance of losing most of yours.