The tax code is gray and not cut and dried .

As stated above, there are many legal gray areas that most realtors aren't comfortable working in.

Pay attention to the color, gray may be going out, a softer brownish tint is what I have been told is coming in.  

Quote from @Kia Gray: Did you ever receive funds?

CR has cracked down on building for many reason so being in a gray area could be a problem as I stated earlier make sure you are able to build meaning you have a water letter in hand and a Muni acceptance letter stating the zoning is ok to have a remodel and or build on you lot.  

@Akili Gray well not really.

@Amanda Gray We manage units in Ocean City MD.

I wouldn't want to be playing in the gray area by some type of work-around the law.

From my experience and research I would have to say that I have seen some great numbers in the Grays Ferry, Germantown and Cobbs Creek neighborhoods.

HELOCs are good as a bridge if you have a clear out to repay the money like @Bill Boudreau's example.I agree with @Spencer Gray find a partner to fund all/part of the deal and contribute your sweat equity by finding, closing, and running the deal.