Most will immediately say yes and think its that simple.

There can be a lot of details to this, and one can easily get lost in the details but pull-back and keep vision of the fundamentals as it really is rather simple. 

I'd then be paying my heloc off at 1.75% simple interest rather than the original mortgage loan with 4% compounded interest.

We missed some simple things on inspections.

For numerous reasons, this strategy is not anywhere near as simple as it appears, and the risk of default problems can be quite high if the seller is inexperienced or unknowledgeable.    

That's a simple fix when needed.

Also check out webinars by profit coach, Evernest, Lead Simple, Peter Lohmann, Wolfgang Croskey, and I know there are a few others, but thats a good place to start. 

A simple piece of flashing that goes missing from from a can cost you $500 today but might cost you a lot more tomorrow.

Simple answer how ever you can. 

KISS(Keep it Simple..)Reasons1) What are you getting in return for living in the property?