Even worst case scenario HELOC's max out usually at 18% (margin and indexed considered).Credit cards and HELOC's have the same risk since both financial facilities base their rate off a fixed margin + prime rate and prime fluctuates.

Worst of all, the inspector I dealt with (a local company with very strong yelp reviews) told me the company does very poor quality rehabs.  

Thanks guys this is really helpful, one more question:I read at least 10 times in different books that you need to buy the worst property in the best neighborhood - how about buying on the worst street in the best neighborhood.

What was your worst and mistakes we should avoid.BTW podcast 56 with Ankit is a really good one for tax liens.

I have a tenant that just moved out, but left behind all their furniture, food and worst of all they left their cat!

We're pondering the same question here as well... and actually coming up with some of the same ideas for solutions.One of the biggest challenges we've had is that tradesmen with lots of 'hands on' experience tend to be the worst organizational thinkers in the land, and are oftentimes stuck in their ways and refuse to consider alternative means of managing a project.

Worst case I'll get an FHA 203k loanthe way I am thinking is(1) GET THE offer accepted(2) figure out if I can afford it or not depending on the inspector and general cotnractor.

Worst case (by my math) if I get the property at 105-110k, with the hard money interest rate (and using the 50% rule) the cash flow will be somewhat small until I refinance into a conventional.

I know 1/1's are probably the worst condo investments, I'm sure houses aren't far behind but I wasn't sure if this is something I should pursue, even at the right price.

The worst they can say is "no" and then the negotiations begin.