I'd learn who the utility providers are, whose name the utilities are in, and if they are current IF the utility companies will tell you which they may not.2.

There a very few pad ready lots here in the area, and even fewer pad ready with utilities. 

I have not done this personally but I do have several clients who are in year 1 or 2 of utilizing this strategy. 

We would need to see is the credit utilization simply transactional, or FUNDING based. 

I’ve requested financial statements, tax history, utility costs, and information on the property management company.

I'd also do a quick check on any utilities that she's paying that remain with the house to make sure they are paid up.If you have a full month's deposit, even if she doesn't pay for the second half of May and part of June, hopefully she leaves the place in good condition and you can use the deposit for unpaid rent after she moves out.

A HELOC is secured against (in this case) the primary and can be utilized for either a proportion of the down payment or (if you have enough equity) the entire purchase price. 

Only thing I see missing is utilities, common for these properties to only have 1 boiler, especially if on oil.

Educate yourself on utility assesments also. all of the above can make a good deal bad fast.

Comes with two trailers (a 1977 3b2b and a 1984 2b1b) already on it with utilities set up.