The way I see most often is a Renovation Builders Risk Policy. 

Frogtown however has more risk, but it is the a great buy for those that are equipped to handle the area.

So, a homestead property bought 10 or so years ago could be “assessed” at about half of “value”......plus the 3% cap is “portable” so it carries over somewhat to a newly bought homestead, further skewing any comparisons.

I don't get many votes due to my focus on risk, and the newbies don't want to hear about the dark side!

Obvious risks there are usually a variable rate on the HELOC which can cause some potential issues as rates potentially rise.

Never carry a balance.

Are you capable of putting together a good business plan for the property and carrying out the business plan?

I also have to post "Swim At Your Own Risk" signs and provide rescue equipment.   

Wouldn’t be better to protect your personal assets,’for a LLC fee than risk a lawsuit?

Then as I become seasoned, I'm willing to ramp up the amount of capital I put at risk.