If not then need to budget for floors 10 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life spa, etc.

Like you, I am using a HELOC on my primary resident (as well as private lending from family through their HELOC) to fund the acquisition and rehab of the property.I bought it for $126k, budget is maxed at $60k, including a buffer (my contractor who has worked many flips in Philly and experienced RE investor friends believe I will be successful in staying under budget).

Make sure you budget conservatively for rent but market high - some people offer lower rent but may want to offer higher rent and wait a little longer

You could live in a fully furnished home with laundry, living room entertainment, a back yard, etc without paying 1800+. 

However, the sellers have a lot of leverage with many buyers entertaining their price.

As it is, just the length of the section probably makes people who would get approved think that they won't. 1/3 is pretty much the norm for many people and what people recommend when preparing budgets. 

My budget is capped at about 100k, all in.

Threatened with steep fines, after sending the certified letter, the threats disappeared, as the city (in this case Los Angeles), decides they don't have the budget to fight the US federal government in court, and lose (which happens every time the feds have defended the Fair Housing Act).  

My budget is small now and I need that first deal to keep my momentum going.

Should we pursue the flip, and renovate at the higher repair amount, pushing our rehab budget closer to $90K or should we be conservative (or safe), do the bare minimum to get it ready to rent, and maintain it as a property that will be held as rental???