We're preparing to list it for sale/rent with him now and he has handled a number of small to medium projects very well - including some creative remodel ideas I hadn't considered.

I have a HELOC (I am going to switch back to an interest only loan) but all of the bankers I have talked to say I can not use it as a down payment for another mortgage to obtain another buy and hold.I have used an interest only loan to purchase, remodel, and sell a flip.What do I need to know?

With one unit that turned over(not covid related) we were able to remodel and increase the rental rate .Hope that helps.

remodeled the kitchen, remodeled one bedroom, new electrical, new paint, redesigned the backyard, front yard, and replaced traditional water heater with tankless to create more room.

I want to do the remodel then pull the equity or get a heloc so I can start investing.

Remodeling What was the outcome?

It turned out they were in the process of remodeling and after they were done they wanted to list it for $350k.

Say, for example, a fixer appears on the market for $700,000 but, remodeled well, will sell for $1,000,000. 

Once inside one of the units will need full remodel, I then negotiated 13k price reduction with no issues.

I do a lot of database architecture, data analysis, operations research so if this could be a helpful skill to others in this space I'd love to give back some of my expertise in exchange for help in areas where I'm weaker (Market knowledge, ARV, and remodeling).In any case - there forum/community seems super helpful and positive.