Investors’ property tax deductions are not at risk for anything but their personal residences.

Without reserves you really run the risk of having the first flip take you down.And IMO hard money, if you can get one as a first time flipper will be very expensive and more importantly, leverage will magnify what ever you do. 

I would love to try a multi-unit deal again looking to hold for long term.What I bring to the table is a very good risk profile (800+ fico, stable high income, no debt except for rentals). 

That day I stopped dreaming .I decided to break the money barriers in my family ,take risk ,and invest because no one is coming to save me .

I understand that your wife may be worried about failure, but any kind of investment comes with a chance of failure so the risks must be understood prior to jumping in and the fear must be overcome with the confidence of being successful.Since you're starting funds are $0, a HELOC can be a great tool for getting started, but ultimately you will need some kind of funds of your own because you must pay the HELOC each month during the flip.

So what does “good potential” mean to you and what level of risk can you tolerate?

You have to decide what works for you given the risk.

The seller will capture some of the potential and the buyer will discount the future potential against the risk and cost of achieving it and that means you will meet somewhere in the middle.The best way to figure it out is to build a pro forma showing the schedule and costs involved and figure out how much you are willing to pay to achieve your investment goals.

Your decision of where and how to store the coins can be key in terms of your IRA's compliance and therefore risk. 

The other is once he has the job locked down, he doesn't really have an incentive to fix it fast since there is no real reward at the end of it while you have to cover the carrying costs.