Once ignored my own rule and, well, let's just say my accountant wasn't thrilled.Have a Clear Exit Strategy: Knowing whether you want to flip, rent, or hold onto the property helps steer your decisions.

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

You'll just need to pull it all together to make the business decisions. 

A settlement with an insurance carrier or a court decision and judgment where insurance proceeds are available.

Just trying to make a decision on what might work best right now for our next move on buy and hold. 

I do recommend trying them out though as you did and seeing what you like about them to make the best decision. 25% off link for Hospitable  - Click here

If your parents have a Revocable Living Trust then the property would be deeded to them, depending on what their decisions are within that Trust, you can be added on at the beneficiary of that property.

It's a binary decision if it's in their budget.

Often you can do large lot sizes vary cheaply but smaller lot sizes require a much more stringent permitting and approval process and significantly more money.It might impact your decision on what you develop.

Whether it's mold, COVID, or a non-paying renter, a quality PM acts quickly and decisively to protect people, property, and the landlord.If you feel the PM was negligent in their response, you can file a complaint with the state commission.