300k purchase + 10-15k closing + 80k remodel + 5k for refinance costs. 80k remodel number I got from my father who is a general contractor in the area. 500k ARV x .80% refi (because it would be my primary residence) = 400k minus 15k closing, 80k remodel, 5k refi cost = 300k my original purchase price.

I have decided to look into a heloc, I'm a bit newer into realest state investing, I have completed a couple of fix%flips this year, I currently use hard money for the purchase with 10% down and I cover 100% of the rehab, with that said even just doing a couple of homes at a time, I find myself around 200k out of pocket, I think it would be a bit easier on myself and wife if we utilized a heloc vs just cash, my primary should appraise around 1.1m and my mortgage is 640k, I'm looking at pulling about 250k for a heloc, I don't want to refi the home and cash out as I only want to pay interest on funds as I use them ( I know I won't always be using the heloc cash) Any advice or even knowledge for people in a similar situation, and anyone have a referral for a Heloc?

That means either you won't cash flow or your Return on Equity (ROE) will be terrible.Since this is your primary residence you'll be exempted from paying capital gains taxes when you sell.If you sell to your parents, it will be considered a non-arms length transaction and will get closer scrutiny.

@Brent Hindman Are you looking to upgrade your primary residence or what would you be looking to purchase as the next home?

When did you get into my primary residence???

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5The best protection for you and your investments?

Hey Ed - this one wouldn't qualify with DSCR if one of the houses is your primary (assuming all are on the same tax parcel).

I was able to do a HELOC on my primary and tap into some of my Roth IRA $ (tax free) to come up with the 130k since all I had to my name was 25k in savings.

The main property will be my primary residence.My biggest question is, what kind of foundation would you use, (that is to code and will pass inspection/permits in Charlottesville) that is either relatively easy DIY or cheap to outsource.

Does anyone have experience renting out their primary home in New Jersey?