The rapid interest rate hikes are causing some turmoil for those who need to purchase new rate caps or refinance in the short term. 

You stated that you are a contractor and are going to be significantly increasing your income... is that going to be used to rapidly pay back the HELOC? 

MF and even SFR will need years of adjustment (no appreciation and rapid rent increases) if rates do not fall below 4% in next 2 years.Inflation will remain higher in this case, keeping rates up.If on other hand rates do fall to 2-3% range.

Quote from @Ashley Mallory: I don't suggest incremental increases.

flipping is more than how a house looks.contractors give estimates based on what you want done, then a contract is agreed upon with benchmarks based on scope of work with incremental payments.Of course permits and inspections should be included throughout the process.its never a bad idea to have your lawyer look over a contract.https://www.attorneygeneral.gov/resources/home-improvement-c... 

Being in DC is to expensive but I hear Grand Rapids is developing, May fly there check it out. 

Erie has grown rapidly in the last 2 years.

Then relook at your goals for year one and dissect them backwards into one month and one week increments until you have a game plan and know how to get started to make your year one a reality.

When my company asked me to move to Milwaukee in 2008 I was not very excited and expected a stgnant rust belt midwest town, but a lot has changed, especially in the last 5 years: downtown is rapidly evolving and the city is seeing an amount of commercial construction, which I believe (I have not researched the data yet) it has not seen since the 50s and 60s.

The West Valley, including Surprise, is seeing some rapid growth.