I would only use the heloc if you plan on cashout refinancing one of the properties to pay it off once the rehab is complete. 

I would probably take the risk at $500, but $1k feels more of a ripoff like most guru programs. don't waste your time if they don't meet your criteria there is ZERO chance they will meet this guys.. remember they make their money with you folks dreaming of making money and paying for the dream.. 

We’ll pay to get it fixed that’s not the problem.

My parents had to stop paying the mortgage and I could feel the stress radiating through the home every time I visited.

What if you told the tenant you would pay them XYZ if you could sell the property before foreclosure?

Do they pay within 5 days of the first of the month (in some states that is not late)? 

They sent a new contract trying to bind me to still pay $200 per month, which I refused to sign.

All you're doing is paying for that NCF upfront. 

If you want to keep it, then would you refinance that new build to pay back the HELOC? 

We accepted a pre list offer of $236000.00 with us paying the closing and are scheduled to close mid March.