I've helped dozens of BP members purchase here, you can look up this topic as it is well talked about here.

But, they are questions to answer on your own that could help lead to to a strategy. 

@Dave Meyer has a great book about strategy you can get here on BP.  

They have a dozen or more "channels" out there of different brand names. 

If you are not afraid of the Lawyer/Accountant factor .... your Dad could partner with you on a deal with a lot of first year deapprectioation to offset some of the taxes from the 401k w/drawal.It's time to get a really good accountant that loves strategy. 

Hello BP Community,My name is Kyle Nieman and I am very interested in connecting with folks within the community/Nashville area to discuss personal experiences (good or bad), real estate investing advice (Long term rental/Commercial Real Estate) and strategy etc. 

Something to keep in mind while you renovate: I suggest you have multiple strategies planned out and what your outcome would be if you had to pivot for some reason.

HELOCs tied to prime have the risk of getting higher when it comes to the payment, yes - you have the flexibility to take and repay as you wish over time but in the long run the refi would win IMO in this strategy.

Are you changing your strategy and looking to diversify your investments this year, or are you doubling down on your current plans?

If you aren't doing that, I don't believe your strategy is "wrong".