Hi Steve - Thanks so much for your extensive reply - extremely helpful!

However I THINK you can only get one called that as an extension off a fire policy for a personal residence.

Chances are likely rehab costs will include extensive plumbing & electrical, both high ticket items.

I know a major factor is that roof and finding out how extensive that damage is.

Working with a partner, but price is still too high due to extensive rehab/restoration.

Hi Karen,Perhaps you could look at this article and give me your opinion of a Lease w Option VS Lease and Contract for Option,http://www.biggerpockets.com/blogs/3/blog_posts/26565-a-contract-for-option-is-better-than-a-lease-optionA Contract for Option was devised to not give an option until a contract was satisfied, like a contract for deed.Here is the contracthttp://www.biggerpockets.com/files/user/REISkills/file/contract-for-option-to-purchaseWith a one year lease and possible extensions, it is a tool that I believe that that will assist a NC landlord/investor.

I have done extensive research and have made several offers in the last few months on multi family homes in Phoenix.

My wife has an extensive paralegal background and has recently obtained her real estate pre-license; she is in the process of obtaining the State license; I am a truckdriver.

The house was purchased 2010 and has had extensive rehabilitation work completed.

If you view a HELOC as an extension of your pocketbook for short term cash outlays, and not a permanent form of financing, you should be in good shape.