I recently bought a roughly 30k house at auction With the intention to resell as is to an investor.It’s a nice little house needs very little work.

Trying to figure out the most advantageous way to crack this nut from a tax and rental income perspective.

I have thought about pulling a HELOC on my moms house for roughly about 40k and using that to purchase a deal via a hard money loan to rehab, rent it out & cash-out refinance. 700+ credit score.

Looks a bit rough.

It may just take you some time to figure out what the right amount is, but if you just bought this property you probably already know the historical utility expenses.The downsides are obvious - if your water bill is higher than the rate you are charging, you as the owner are going to eat that charge.

However my main issue was trying to figure out how the numbers would look as I tried to pull my cash out of the initial FHA loan.

Companies have already spent millions of dollars figuring out what's going to work - take advantage of that and just see what you can do to improve it!  

I have $50,000.00 to invest and I found $70000.00 patio home. so I decided to buy with 20%down and get the traditional mortgage but quickly realized that I have to pay roughly $3500.00 load processing fee to get the either 15yr or 30yr loan. question #1 should I use HELOC(which processing fee is in 7 to 800ish) from my home to pay the rest 80% and try to pay off as fast as I can or just get the traditional loan and utilize the tax benefits?

I dont know the Queens Village area that well but I know homes are expensive here in NYC.Do you plan to wholesale the property - figure out what it will cost to buy it, rehab it and then advertise this information to potential buyers.

Larger roof, more expensive fixtures, higher labour costs in more expensive markets.Keep in mind that everything about costs and income are extremely rough guestimates at the very best based primarily on industry data gathered over decades involving millions of investment properties.