Then if you are holding the property, refinance it into a fixed mortgage and pay off the HELOC.

My goal is to buy an undervalued piece of property, fix it up, live in it and use the equity I put into it to continue investing in R/E.

(I saw the possible thought of just expanding the one you have, but if you wanted to explore the possibility of buying fixing and selling, you may have a lot more opportunities of finding financing or JV partners to do it with you). 2.

I posted about doing this for a fix and fleep or brrrr earlier this week. 

If you fix it up, what will the income and expenses be and what are properties selling for in the area (usually based on cap rate). 

What I do is I calculate the estimated profit I would make from a fix and flip.

If it costs 15-20k to fix it up how we want and without spending my own capital, my thought is to rent it for a year cheap at 1250 per month...as is and use that cash a year from now to dump into the home after my tenant pays for it. ;)So here's my question; if we rent it out, we have a 24 foot above ground pool and Jacuzzi in the backyard.

If it's a 30 year fixed loan you might consider renting it.

Although this is not my career path, I have always loved the idea of designing homes or fixing them up and have been wanting to add real estate to my investment portfolio!

Just had my termite inspection yesterday here in South Jersey on a fix n flip I have under contract and it shows extensive damage in crawl space to almost every floor joist, sill, etc.