I just discovered that you can actually do a lot of homework way ahead of the sale so I don't have time to do any of it today.  

Wouldn't you be buying the home from the Institution that she "sold" her title to?

Prove that you can duplicate or at least 1/2 supplement your income by the REI side hustle for at least a year, maybe 2 or 3.Solid income from your JOB allows you to get financed by traditional lending institutions and gives you power in the form of Choices.Why quit your job?  

According to The Demand Institute, a research firm focused on consumer demand, Millennials will spend over $600 billion on rent within the next four years.

They are hands-off, institutional grade real estate investments, and they allow you the option to diversify. 

I've considered it but have not executed.In regards to the heloc if I understand things correctly you will not be able to take out a heloc on a investment property but simply a loc or a blanket/commercial loan depending on the financial institution you decide to approach with the situation.

We decided to get the roof patched for now and got a couple bids from $3k to under $1k, since a new roof was over $10k and we wanted to do all that once after we foreclose with a 100% rehab loan.On top of this, our attorney discovered a release of mortgage was filed in the past, which is what made the homeowner believe there was no money owed.

They are hands-off, institutional grade real estate investments, and they allow you the option to diversify.

I thought I could use the Pergo Outlast + product that is supposed to withstand water for 24 hours but then I discovered Coretec Plus which is waterproof. 

If you think you will go FHA, Conventional, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.