Remedy after termination.If the rental agreement is terminated, the landlord may have a claim for possession and for rent and a separate claim for actual damages for breach of the rental agreement, reasonable attorney fees as provided in § 55.1-1245, and the cost of service of any notice under § 55.1-1245 or 55.1-1415 or process by a sheriff or private process server, which cost shall not exceed the amount authorized by § 55.1-1247, and such claims may be enforced, without limitation, by initiating an action for unlawful entry or detainer.

So, she offered me the opportunity to buy it, since her debt to income was to high, and she paid the down payment.

With that in mind I’m projecting 200-250k to fund a 25% down payment, closing costs, light rehab, and 6 months of debt service and opex as reserves.

You also have to consider a Heloc is a credit card a.k.a debt burden unlike a cash out refinance its a mortgage (One loan).

So if you have a $1200 rental then that $600 before you place any debt.

Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess. 

A debt relief company is probably your best and most cost effective option. 

Did GP sell to avoid being called by lender on personal guarantees under the mortgage debt?

We ask simply questions, like were they late, did they have lease violations, outstanding debt and would you lease to the tenant again.

Refinanced into long term debt.