Seems to me it would be a bit complicated with any sort of lending.

However the key is making sure the numbers pencil out so that, at minimum, even in the worst case, you can pay back that heloc because interest on that is going to be very high.

That property looks fantastic actually, I think sorting out the budget would be our biggest challenge.

For any CPAs out there, what would sorting through this and completing a 3115 cost today?

The worst PM imitation I ever had the misfortune of employing

If not, then you got into this way wrong from the get-go, and get that MAO sorted now. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

Do they use pen and paper to record this information or do they have some sort of software to manage it? 

Worst case. 

All messaging said "soon", when generally there would be some sort of notice or indication things would change.