You are going to want to find some good wholesalers in your area that can help you find distressed properties, or network/cold call some home/duplex owners in your area to see if you can find a discounted distressed properties, use the heloc to get hard money loan.  

It would just need to be a situation where they have great contact with the person doing that managing of the project (I.e. have known the person for years, great reputation, person has experience in flipping etc.).

Someone else just told me a similar thing, to make sure that loans can be secured for the property. 

You have to evaluate the situation for yourself and choose your hard.

Well it is doing loans for folks who bought sight unseen and trusted contractors/turnkey providers who sell the dream but in the end do the absolute min in rehab work (even though charge for a much better job) and/or sell a buyer on a class B type neighborhood that is  reality a class D neighborhood in an already low income town.

Year long lease typically, with subletting allowed to offset summer months cost to tenant.I worked out some high-level math: Assuming there is a 6 bedroom single family house for sale for 800k, and I can rent for 6k/month.Financing: 350k cash, 450k loan @30yr, 3.8%.Assumptions: 7% vacancy/yr, $4000/yr repairs, $10k/yr property tax, $4k/yr insurance, 8% management fee+50% first month rent on new leaseMonth-to-month breakdown: Income: $6000 Vacancy, Mgmt fee, repair, taxes, insurance: $2300Loan PI: $2650I'd take home ~$1000/month. 

You aren't required to offer a loan mod prior to foreclosure.

Private lenders or even creating a small syndicate with a group of investors might also be worth exploring, especially since you can point to your uncle’s track record and your own experience managing rentals as a selling point.If timing is tight, you could look into a bridge loan to secure the property while figuring out a more permanent solution.

So we would have to get a loan, pay off the seller and transfer title and then wait the seasoning period before doing a refi unless there is a bank out there that will treat it as a refi off the bat

When your tenants dont pay and your borrowers cant refi and your banks call your loans ( like we see happening RIGHT NOW in the MF space) projects and RE gets lost and investors get wiped out ..