The estimated value of my house which includes 5.5 acres is $350k.

The elevated value stems from experienced operators who are on a similar level interacting and bouncing ideas off of each other.

It will be tough to find a lender with that little down, but my bigger concern is those markets are higher maintenance markets and lower home values, which if you do not have a very nice cushion in reserves it can crush someone, so I would also make sure if you get a property that you have sufficient reserves to handle any cash crunch.

I think some of the newer construction is sitting well above current market value and could be in jeopardy if the market adjusts or the economy continues to fluctuate with inflation.Depending on where you live and what your comfort level is there are several other states that can offer a better cash flow for a similar price range.  

My view and my buy box is always where can I ad value?

At the time of foreclosure, the property's value has depreciated below its initial purchase price.

Also, to give you an idea of how the math works here is an example based on your home's values:If the lender lends up to 80% of the home's value, the maximum loan amount based on 80% LTV would be $392,000 = ($490,000 * 0.80).With your existing mortgage balance of $390,000, the remaining available equity for the HELOC would be $2,000 = ($392,000 - $390,000).Hope this helps!

Lastly area of 1 mil to 2 mil homes and you bought it for 7k.. my first hunch is something is potentially really wrong with it.. normally lots in those types of areas would sell well north of 100k if your building 1 to 2 mil homes.. thats how the math generally works to back into land values.

Cash flow not primary focus for at least another 10 years but rather asset value growth but would not want negative cash flow.Anti-Goal: Not risk personal assets, no stressful work, not very handy to do much work myself.What I am looking for:1.

Make sure the property hasn’t gone up in value since you bought it.