Yes the plan would be the use the profits from the flip to pay off loan.

This shifts the urgency to the contractor to get done as quickly as possible to maximize profit. 

Once you have all those important numbers, a SPOT on rehab budget with 10-15% contingency, then you choose your profit, then you get your offer number. 

However you plan on buying, get started early.4) inspection/appraisal/survey - ASAP5) contractors - Either pay a GC who can never get the work fair price for delivering a scope of work for other contractors to bid on or generate the scope yourself. 

New LL's consider all rent as "profit", less the obvious taxes and insurance.  

Are you suggesting I should've brought this deal to another investor and split the profits that way?

So you'd have 275k in to it and be generating 3000-4500 per month?

Hello Everyone,I am currently attempting to utilize listsource.com to generate some leads.

whats your strategy generating new clients?

There are some HOA's out there that will only allow a certain percentage of units to be rented out and may have some other restrictions in the CC&R's.As for your question, the "best" way of doing something in real estate is typically subjective, but having a HELOC payment, in addition to the mortgage, taxes, insurance, and HOA dues, just increases the chances of having a less profitable property or one that may not cash flow at all.