I'm thinking of using combination of LOCs and HELOCs to serve as my reserve funds, but I've been warned several times that this can be risky. 

I've owned several homes over the years and am now thinking of making the leap into investing.

I know I have came across several motivated sellers that had nice homes I wanted to keep for myself.

-Will my Private Lender who I would like to do several more deals with have an issue with me taking this deal?

My research has found across several real estate platforms (Zillow and Redfin) that the estimated value is actually somewhere around $105000-110000. 

I have several apartment buildings and I am constantly jerked around by our dumpster providers, Rumpke and Republic. 

Back in the day... the snow plow quite regularly took out several mailboxes along our street.

Several contractors I've talked to have told me to estimate $75 - $85 per sq ft for a complete gut and rehab.

I own several rentals there myself and will continue to buy more there.

Also, I'd like to note that we have ran the numbers on several scenarios with our lender and even with the higher interest rate on our refi (we originally had a 3.5% and will now be around 4.15%) the refi to pull out cash still makes the most financial sense.Good luck to you!