While I would have built $150,000 in equity, the cash flow simply doesn’t work.Now, let’s compare this to the market conditions when BRRRR was highly promoted (pre-2020).Interest Rate: 4.75%Monthly Payment: $3,057/monthRent: $3,600/monthIn this scenario, I’d be making over $500/month with $23,000 left in the deal, resulting in a gross 26% cash-on-cash return—an excellent deal.As you can see, rates and prices play a critical role in the viability of the BRRRR strategy.

You're not in the position to be a cash buyer...as a former wealth manager, it's simply not a good play for you for many of the reasons stated above and more.  

Quote from @Arthur Crum: Jay, my cousin is an attorney and he is simply looking at the contract for me.

Most Heloc rates right now are around 7.75% to 10% so if you look at your blended rate between your fist and Heloc you would be better off doing a cash out refinance.A lot of people forget or simply do not know that if you do a cash out refinance the rate does go up but in 12 to 24 months if you do a "rate and term" refinance you can get it back down fairly close to where it was at prior.

Business owners won't want to get tied up in litigation and if there is a good chance they will lose, it is easier to simply follow the contract.How would that work with a lower-end tenant? 

It's simply a numbers game. 

You can simply build a relationship with a great Real Estate agent or sign up for Propstream.  

If her goal is to provide some of the proceeds to her ex in good faith, she can simply sell the property, have a tax professional estimate the taxable gains.

When I discover I can't build a house on it, I usually move on to the next deal without thinking about an alternative use but I like your creativity and will start thinking about alternative uses!

Officers all too often think the know the law simply because they wear a badge, when they actually know a lot less than most folks.