If both of you are working full-time, you will not get REP status, and not in any way the way you have it planned.

Having an existing HELOC is always a great resource (if you are planning on repaying the HELOC through the sale of said property, assuming equity would cover the loan payoff.

I have a plan to use my 529 plan to help me get started. 

Is the plan to pay it off out right after the fixed rate expires?

If it’s allowable I’m planning to send him a cease and desist letter to get the heck off my property unless he’s using the ROW for some form of access.

This is my plan and feel free to tell me what I’m doing right or wrong.First note: i DO NOT have a **** ton of cash sitting around. 

Sorry you had this happen....But there are a few takeaway lessons here.First - Never use a GC that advertises as any other trade.

- You missed utilities in your holding costs- For your first rehab you should plan on a little more than 6 months, just in case- You might want to double check your tax number as taxes in NY can be pretty high- The biggest area where mistakes are made for new investors when it comes to flips and BRRRRs are in the ARV and the rehab cost.

As far as managing the property: IRS rules prohibit any disqualified person to provide services to qualified plan.

To effectively plan your investment approach, it is important to educate yourself and prepare financially by attending seminars and webinars.