I can’t seem to find anyone who does a rental HELOC. 

They sell quick and I can get all the supplies at he local home improvement store. 

Basis is $130k, plus $50k HELOC (used to fund Home #2 rehab), and could sell for almost $300k, netting us let's say $110k.

You might ask about getting a HELOC on it but those are tough to get on property's that have an existing mortgage these days.

You can't take 45k/year out in real estate via a cash out or HELOC or home sale.

Same as an HELOC.

The CMA is right on the sale price - My payments to the seller includes a 25 year amoritization rate, so my monthly "mortgage" to the seller(300k with interest) is greater than their current mortgage. (200k with the same interest rate)- Going the regular financing route (25% down) is not desirable since I would need to dip into my primary residence HELOC for the downpayment.

.- thanks  1)  you likely wont be able to use the financing contingency  as it sounds like the loan is available at 80% ltv ...check with your realtor  or a real estate attorney  2)  rates are coming down so check the terms from the lender that can offer  80% or 75%  ltv 3) contact  the smaller to mid size banks and credit unions that are close to the subject property for options   4) if you have the means to leverage the 10% difference via HELOC / retirement account loan or  some other tool- consider it - good luck

You will either need to payoff the second via a HELOC or second mortgage or refinance the entire note (both 1st and second) So could I get a HELOC even with this lien in 2nd position?   

Primary residence 2600/ per month at 2.75% Saved up  96K and 94 k in Heloc I can save up to 1500 / per month from my full time job .