It is what is left after snow removal, cutting the grass, utilities, tenant issues, parking lot issues, property taxes, mortgage payment, etc. that make a difference.

In MN, where it's really normal for a tenant to tour 10, 20, 30 units before selecting one and getting it, yikes $500. 

On the lease, he'll pay me $100/m over my HELOC payment and all other expenses, including the refi cost, inspections, title work, etc... 

Consider tenant stability, including consistent payments and maintenance of the TOH.

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

But, you can go up to 65% loan to value with no reserves, or up to 80% loan to value if you have 12 months payments already in the bank (12 months reserves_.

Some gurus tell practicioners of sub-to to hide transaction from the lender by saying the lender doesn't care as long as the payments are being made.

Money for the down payments that comes in like an annuity either from your W2 efforts or from owning another business.

Getting this cleaned up now would push my credit score over 800+ and eliminate nearly $3k per month in revolving debt payments and bring me quite a bit of peace.

Some of the discounts are good, but just be aware that you will be paying a payment processing fee on top of the discounts.