There are a few stipulations that tend to be a bit tougher to qualify for than a standard HELOC, but if you can get it, it is as advertised.I have a local bank in Omaha that has two of my rentals combined on one First Lien HELOC, but they don't work out of state.

That number knows nothing about your rental standards, move-in requirements, or schedule/availability.

You obviously are efficient, do you have a standard materials list for finishes for your contractor to purchase?

It's government money, there is no reason to spend money to improve the property simply maintain it to the agencies standards.

@Tim KellyIMHO, smaller buildings are harder to renovate with tenants in-place .... the saving grace for "conversions" is units are often sufficiently dissimilar that you are not trying to renovate them with all the same cabinetry and flooring.With larger buildings you usually have 2 - 4 standard layouts, so you are buying tens of everything. 

Since it's going to be our home for a while, we'd be paying the mortgage as a standard living expense anyway, regardless of whether or not we were flipping.

These 4 lots have a twist, that others may be missing.A & C are standard small vacant lots (~6,000 sq ft) that touch corners at the road frontage, but have a triangle like lot B in between them.

The loan counts as home-acquisition debt for which qualified residence interest deductions are allowed, as long as the applicable home acquisition debt limit ($750,000/$375,000 or $1 million/$500,000) is not exceeded.Bigger standard deductions: For 2018-2025, the TCJA almost doubled the standard deduction amounts.

I don’t know if this is standard or not.

I am sure there is a standard agreement that can be used for your region.