Yes, I worked with myself, and I highly recommend myself to anyone looking for concierge-level real estate service :)

Edgewater is decent but still a high risk roll.

Rehabs are fun but highly risky if you don't have a solid plan in place. 

Most of the investors in my mentoring groups use MICs with very high interest rates.

Hi Joseph,As others have mentioned, given the high interest rate on the HELOC, it would be a risky play to use the HELOC as a down payment as you'd need a way to pay this back.

…Although they sometimes share food, housemates typically have their own food and make their own meals, so you’ll want a large kitchen with plenty of storage.

That is a very high income so I would definitely look to acquire some short term rentals to supercharge the cash flow.  

Your terms seem reasonable, but 10% interest might be a bit high for buyers.

I highly suggest teaming up with a broker who you'd want to build a relationship with and truly understands the ins and outs of different underwriting guidelines. 

Part of the reason we've been taking our time is that the costs for building materials like lumber were highly inflated at the time we purchased the property.Our primary residence, is here in the same state and we'd like to keep that home indefinitely and eventually it would be our home part of the year during retirement, rather than to sell it and move.