I thought about a direct mail approach, but was unsure about 2 things:1 - How effective is it?

Find someone here who's specifically done what you are doing and make sure your plan is in line with what you should be doing, both efficiently and effectively.

The amount you put into the deal will likely effect the rates you get.  

They all have tax benefits that will positively effect your taxable income.

Termination will be effective as of the last day of the calendar month following the 60 day notice period.

And raise the $100k from a partner, you've effectively tripled your money at that point and it cost you whatever the interest of the HELOC is.Just my thoughts though.

I believe this is due to the newbie flipper effect, also know has HGTVitus.  

Hello Ryan, As stated in the previous post, you will need to show better comps available as of the effective day of the appraisal.

@Mike DymskiYou are absolutely right, Mike, in regards that the quote about IRR Investors was meant as a effect so that there is an understanding that the two are different and implies different Markets and Investment needs.The following is for the readers (not Mike Deymski only).I will say that there is another reason why those that do have the ability to Invest using IRR valuations  (in other words, they don't REALLY need the cashflow but would like to have it) DO NOT simply because they have not spent the time (and I would say it may take months to years) to truly understand the Calculation and how it works.It's the most comprehensive calculation you can have and requires you to do a pro-forma 10 year projection.The problem I find with a lot of BPer's is that they easily dismiss IRR because it's either too complicated and sophisticated that the newbie will need to spend time to learn it before jumping into Real Estate Investing.My personal opinion is that if you truly love Real Estate Investing and are truly motivated, you will eat, sleep and dream about Real Estate.

The rules don't take effect for 6 months, but the message is clear.Cities want their hotel tax revenue.Cities don't want those big bad real estate investors to make too much money.Cities don't want rental inventory disappearing from the market.Don't make a highly leveraged 25 year financial commitment on the assumption that current market conditions will remain the same.I stay away from things that the general public get into and it seems everyone wants to rent out an extra room or home.