Do you actually travel to each city to do the flips or do you do some remotely? 

The current owner built these apartments in the 80s and no longer has the ability to maintain them and run the business and is looking to get out.This is my first real estate analysis, so I am looking for variables that I may have missed, or if my assumptions are false.Mortgage - $716 ($175k purchase price)Insurance - $515Property Taxes - $200 Vacancy - $226 (7%)Maintenance - $165 (5%)CapEx - $160 (5%)Gas/Electric - $176Water - $60Garbage - $130Income Taxes - $432 (this is using deductions for interest, depreciation, maintenance, travel, property taxes, and insurance) This leaves me with a positive cash flow of $457 using the current $400 rent price, so it would leave me some wiggle room for raising rent.

His plan was to get a conventional loan when the house was finished to pay it off and reap the rewards of traveling with all those miles.  

I recommend investing in places where you travel, e.g. work, daycare, church... that way you can maximize your tax advantages while visiting places you normally go.  

Yes I travel to the Detroit area daily.

He said I would be looking at a $15K HELOC as the best option and that, as you guys said, a cash-out refi wasn't a path worth traveling.

I live in Spokane but willing to travel a reasonable distance.

Travel and spend time with family.

I was very fortunate in this that I was able to meet and partner with some friends who where doing this in Europe, and in partnership we successfully operated in Australia for 5 years, before I decided to go take a hiatus and go travelling. 

I usually listen to them while working-out, while driving and while traveling.