Would love to hear more about your plans with this as you move forward!

Right now I'm planning to do a HELOC and wondering if it is the best way to go.

Hey Jackie, Condos may be a better fit considering your initial investment goals and future plans for building a long-term rental portfolio.

My friend bought 2 acres of land in Auburn, CA with plans in place to build a house. 

@Mahbod Norouzi everything cash flows, it just depends how much leverage you plan to use.

I also see a neighbor got code enforcement investigation from city inspector and applied a sfh- historic administrative to rectify their windows.Can applying for a single-family permit offer a workaround from historic planning for window replacement?

Would love to discuss what you are planning to do. 

If you're planning to do a rent-by-room business model, you will find travelers on FF looking to rent a shared space, but just know that they tend to be on the lower end of the scale in terms of what they're willing to pay.

I'm not planning to use the money to purchase anything.

Plan on 65% LTC, at least one sponsor/borrower that has done a similar project in the past in terms of scope and dollar amount (inclusive of if you add a new partner willing to share in the risk/reward), 10% post-close liquidity (can't use loan proceeds to check this box), net worth equal to or greater than the requested loan amount not including subject property in net worth calculation (adding the other sponsor/borrower can fix this, too).