There's a roommate currently left that is stealing all the items of the deceased woman that would probably need to be evicted or cash for keys.

I financed through a traditional mortgage lender.

Our plan is to use my HELOC to fund the down payment, closing costs, minor refurb items, and furnishing the STR.

We did put the traditional 20% down to avoid loan pmi but it has been worth the cash flow.

Are there some items that have been successful for others1.

Or should I be able to do a traditional mortgage for both stages?

What criteria do you look for when someone has ability to buy through a traditional loan?

Mind any potential code violations, deferred maintenance, and your big ticket capex items(re-paving parking lot, loose handrails, amenity repair, roofing, scope plumbing lines, etc)It’s unclear to me if you’re buying this with your money or other peoples money.

The more you do this, the better you will get at knowing rehab big-ticket items vs cosmetic fixes.Best to you!

I have learned to work on the safety items first including electrical, necessary structural, Roof leaks, water system leaks etc.