The strategy involves using the HELOC for a flip to generate fast cash, reinvesting profits into long-term rentals, or exploring alternative ventures like short-term rentals or partnerships.

True off market deals are ones that you find yourself, direct from the seller without a wholesaler or any other middle person involved. 

Managing a company usually does not involve participating in real estate acquisition, management or construction.

Here are a few tips that might help as you get started:Market Analysis: Since you're open to out-of-state investing, look for markets with steady population growth, job diversity, and a balance between rent prices and local wages—those factors often hint at stability and demand.

At least until you have done your due diligence to understand the steps of being a landlord.Of course they want the address...They always want to see the property before being "prequalified"...There is salesmanship involved with finding a good tenant.

Due to personal faith based reason, I prefer to only invest in all cash deals that don't involve traditional financing (so typical passive RE options like syndications, RE funds with fixed returns, REITs etc are not a viable option for me).

No transfer tax should be involved (see Garn/StGermain) as opposed to an LLC transfer. 

From there, talk to the involved parties.  

It is a rare off-market property that does not involve work and/or have risk items.  

If either of them were to stay involved, it could cost you money and you would collect less.Send it to collections yourself.