Thanks for helping me learn - we definitely want to protect downside risk.  

You will also get a taste of property management and learn the ropes as far as tenant relations, contracts and screening.Another excellent strategy that I feel is the most powerful tool you can use in today's market is to purchase this home with an Assumable Loan! 

That juice may not be worth the squeeze for most.As a result, the majority of investors are looking at BRRRR's for long term buy and holds in Detroit.Happy to talk through the nuances or send you some Detroit specific resources.

I'm new to being a padsplit host and trying to connect to other hosts to learn from their experience and get feedback.

There are some bridge gap lenders but learn about it before attempting to do a double close etc.

Again I don't recommend using the HELOC to buy a LTR unless you can force appreciation heavily and refi out the HELOC.Regardless having a HELOC out is a good idea so you can be your own bank and fund a flip or BRRRR.I would go with the 300k as it might take time for me to find a deal and I would have more resources for bigger projects. 1% isn't too crazy... accesss to 100k is better IMO

How could I learn more about commercial real estate and valuations and CAP rates?

Lessons learned?

I learned a lot and I’m moving on to another builder which I know and has a great reputation.  

You can't hide behind the lies and need to learn to cope dealing with people and situations without any cover to hide behind.