Best to invest on this due diligence now than when you own the property and the budget sky rockets if you need to underpin the entire foundation. 

Take ownership of your mistake and learn to do the proper due diligence recommended above😊Please send us any feedback via email, as we do not use the DM feature here.

Work with Professionals – Consider forming relationships with local appraisers, title companies, and attorneys to help with due diligence.

However, weighing your options and performing due diligence carefully based on your specific circumstances, the property's potential, and your long-term goals.

@Bradley Buxton makes a very good point to make sure to do your due diligence as you won't be an owner occupant like your in-laws.Last bit of advice: Because this is a friendly deal, you want to take your time to make sure you structure it in a way that maximizes tax and cashflow benefits for both parties. 

I found the due diligence time was more on the syndication just because of the scope and size of the deal.

Would it be wise to use a HELOC on our current residence to use for a down payment on a new propertyHi David, as someone who works with a lot of OOS investors, I would let you know that most of the clients I work with have never physically visited when buying their first investment property - the most important thing is working with a great investor agent and doing proper due diligence.

It does take 1-2 weeks to accomplish, so does require some effort and monitoring on your part, but sounds like you are a diligent self-money manager, so should be easy for you to accomplish. 

Perform due diligence by reviewing the financials, market trends, and property condition.

These are great questions and a great idea to do some due diligence before the purchase.