My son signed a lease to live in the FRAT house in the Fall so if Universities don't open up,  its going to suck for me to have to pay $1300 a month for him to be sitting in Los Angeles doing his classes online instead of living in the FRAT house.I am hoping if this happens that there will be some type adjustment to the lease, but I am not holding my breath on that one. 

This is similar to the recombinant DNA sequencing, they tried to do in the Blade Runner movie. 

1 Original Cost $180,000 2 FMV at conversion $340,000 3 Depreciation taken $30,000 4 Adjusted bases if sold at gain (#1 - #3) $150,000 5 Adjusted basis if sold at a loss (lesser of #1 - #3 or #2 - #3) $190,000 6 Sale Price $400,000 7 Capital gain (#6 - #4) $250,000

It's possible they would adjust their numbers with appropriate info from you and/or the contractor, but before doing so, it's good to also get numbers from the contractor, based on the consultant's reportThird question, how much input do I have on the selection of the consultant?

Two of the common areas of concern for HELOCs I see out there is the 10 year maturity date and the adjustable rate.

You're on the right path, but will probably need to adjust your expectations.Current craziness aside, DFW has been a very good and very hot market for some time.

I would say go through that and then adjust your offer.

Using $100/mo/unit might be a decent starting point, but you should be quick to adjust that number up or down, depending on your answers to all of the above questions.

I don’t want to be trapped with adjustable rates in the setting of runaway inflation...

This will vary by state and I hear NJ has some crazy property tax rules, so you may be correct, but I still would double-check that number.Other than that, your post-refi numbers look good, and your rehab time seems short, but if you're sure it will only take a month I don't see a reason to change that.If the numbers work out after making the adjustments, this might be worth pursuing.Good luck!