I'm not sure if the population is higher up north or the road layout is less conducive to moving everyone along.

You can always bring in partners.I would figure out what you want first and then lay out a plan.

I am looking at a flip where the sellers owes 82k(7k over my comfort zone ) @ a rate of 6.5.They are open for any terms i layout.

I've seen that layout in vacation/ lodge homes, spare sleeping areas . 4 storage drawers under the bottom bunks for gear/personal stuff?

It's a 3 bed/2.5 bath colonial with a pretty open layout (considering it was built in 1969) which would have to go one of 2 ways -1) HELOC it and do a total rehab then list and sell for top dollar, pay off HELOC and use proceeds to fund this "joint venture"2) Sell as is, which is def going to be 50 cents or less on the dollar compared sold comps in the neighborhood (anywhere from 300K to 500K) and use proceeds to fund this "join venture"---> I'd love to hear pros and cons to both of those points <---From an investor perspective - what is the best way I should approach this?

So before you do anything with a HML, you need to lay out the scenario to your conventional mortgage lender and get a pre-approval letter.First, you need to find a conventional lender that can do the refinance using a new appraisal after no more than 6 mths from purchase date.

I plan on attending some local REI groups (thanks for the suggestion Ann) and Mike thank you for taking the time to lay out a good place to start with my goal setting and research).As far as working capital I also have a couple of older IRA accounts from a previous employer.

I figured I could possibly convert the upstairs 2 bdrm into a 3bdrm (1800 sq ft should allow for 3 bdrms), and the downstairs into a couple of 1,500 sq ft 3 bdrm units - provided the layout works.Im just wondering if anybody knows more about multi-use zoning rules and/or what my chances might be to pull something like this off.

You need to layout out the schedule expectations in the contract, as well as penalties for missing schedules (you don't actually have to enforce the penalties, but they should be in there as a deterrent).If you have a contractual schedule and the contractor isn't performing to the contract, fire him.

I wanted to lay out some simple facts and ideas and see if some of the more experienced members can help me proceed efficiently.About me: Mid 30's, employed, good credit, no debt (except current home, has ~30k in equity).