Is our primary residence and is a long term live in flip. $490k mortgage.

It may be good to have a couple of mentors or people to bounce info/ recommendations off of.

A 1031 exchange is NOT available for owner occupied property so that’s the bad news.The good news is for owner occupied primary residences, for married couples, the first $500,000 of pain is tax free.No need to worry about a 1031, live in the house, sell it, use the $500,000 exclusion and you pay KP tax on whatever profit may exist,2.

AND you’ll need to be living in the home as your primary residence WHILE it’s rented out. 

Is that a HELOC on your primary or investment properties? 

Quote from @Donald Hatter: Pros:- Builders have many homes to sell at one time so it is easier to negotiate a better deal than with a home owner in the same neighborhood who is trying to sell their primary residence - Buyers bust out of deals all the time and builders don't like holding completed homes- Lower maintenance which leads to easier property management expenses.  

Not sure if these are all investment properties or if you're including a primary or second home, but my suggestion would be a cash out refi of an investment property to pay off your debt, and a line of credit on your primary to have available for reserves if needed.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

In 2017 we started our journey with long-term buy-and-hold investment properties in the Memphis, TN area after selling a property that we were losing money on every month in NOVA that we purchased as a primary residence in Jan 2007 (talk about all-time bad timing) and then had to move with the Navy in 2009 (2nd all-time worst timing).

Good day mates🫡,I was told that you have to be in your residence for a certain amount of time before you can get a heloc on it. Is this a fact, and if so, what is the time frame?