Has anyone had any experience utilizing there primary residence as cross collateral for an investment property?

Now the questions I have is what to do with the property:Option 1: Flip and sell it right away after the rehab is completed in a few weeksThen at this point, I would have spent:Total cost = $165k (cost of property) + $77k (cost of rehab) + $15k (closing cost buy & selling fees) + $6k (holding costs 4 months) = $263kSelling price = $290kProfit = $27k*Holding cost for 4 months = $4,192 + $1,900 (includes mortgage 4 months, utilities and taxes)What concerns me a little bit is that I am in a high tax bracket so I will have to pay quite a lot of taxes + short-term capital gain.Option 2: Rent and holdLoan monthly payment at 9.24%  = $1,640/monthI would then cash-out refinance.

Apply payments to utilities, repairs, deposit, late fees, and other charges before you apply it to rent.

I'm hoping to identify a local attorney who would support my humble beginnings via sometimes assignment, and other times double-close in escrow utilizing end-buyer funding to maximize my margin of return.

There are plenty of exit strategies to utilize. 

This could possibly allow you to utilize the benefits of a VA loan.

Looking to get a 3000 a month, tenant will pay utilities and landlord will take care of lawn. 

I metered the water/electric on the laundry room & found no excessive use of water/utilities.

This is a much more costly process as most cities will require all utilities to be installed and stubbed on each new parcel.

Currently, I am using Remine with our local direct mail postcard campaigns and have subscribed to PropStream to utilize the same approach for out-of-state investing.