But any disruption to the market (regulations, weather events, more competition, etc) could impact you severely.

Chuck Fowke, chairman of the National Association of Home Builders (NAHB), is quoted in the article as noting that “Despite strength in buyer traffic and lack of existing inventory, builders are slowing some production of single-family homes as lumber and other material costs, along with interest rates, continue to rise.”That said, over the 12 months we’ve seen a 36% increase in permits, but a delay in construction.

The low-rate environment is also a boon to those looking to buy a home at a time when home prices are being pressured higher by strong demand and a lack of supply in the market.

Not sure how different the process is where you are but in Louisiana you would then sue to annual the tax sale for lack of notice. 

It also seems that there is a severe lack of inventory in the Charleston area so waiting would seem to be to my advantage even without the constraints of my loan eligibility (or lack thereof). 

I read about the lack of separation between myself and the 6 plex based on myself doing most of the work. 

Also, you can only have one “live in flip” at a time as you can’t have multiple primary residences.My thought is that if your townhome makes sense as a rental (+the cost of the HELOC) you look into using your HELOC as a down payment for a live-in-flip property.  3) Find a property - I would work on trying to find a property off market here in LA county as it is still very competitive and expensive on the market.

NOTE: the charring was from before the current owner bought it.Due to lack of options out there I'm tempted to go for it.

Or, you can assess the situation and see what "makes sense," for lack of a better term.The legal approach is pretty straightforward in my mind, and its been discussed above... 

I Just lack management and Contractors.