Carrie Douglas is in a STR mastermind with us and knows Wisconsin.

I will use hard money and private money but always borrow the money responsibly and under that every deal carries risks and there are no guranteed returns. 

You can get buildings that will carry themselves while you turn them around.

I own a four-plex that has a contract with Dadson Laundry that carried over from the previous owner.

I had negotiated a substitution of collateral clause in the purchase agreement, that stated I could substitute a note that (1) yielded the same or more and (2) carried the same or less risk.  

Not only that but you are going to carry a Heloc in a 2nd lien position and you will not be able to pull out more cash unless you do a cash out refinance to pay off the previous Heloc and take out more cash.85% of the home owners who take out a Heloc refinance in 3-5 years so it makes more sense to simply do a COR and avoid the future closing costs.

@Carrie Zhang Interesting you found additional experiences on that reddit thread - thx for sharing!

The repairs and maintenance on 25 year old mobile homes is sky high, the uncollected rent and evictions on park owned mobile homes is astronomical, and I bet the owner isn’t carrying any insurance.  

As a side note,  it doesn't seem like the margins are very good if you are spending $450,000 on the hard construction, still have carrying costs (debt service/loan origination, taxes, builders risk insurance and general liability) and have to include the subdivided parcel which presumably decreases the value of your current home.

They will usually carry enough materials on their truck or van to be able to do most repair jobs and should be included in their cost or fees.