Personally, I wouldn't use a heloc to then go purchase a primary residence, unless what you can rent the current SFH for enough to cover the current mortgage (assuming there is one on the property) and the heloc payments.

If you own cash, then you will probably have to get a loan to buy out the other person (most people don't have hundreds of thousands of dollars sitting around to buy someone out). 

I mean the person whose name its in likely did that themselves!

Personally, we would not do that deal.  

That's the reason why we sign leases in person, so we can go over the main issues in person and make sure they are understood. 

Geez, there’s so much opinion, emotions, beliefs, and personal experience in this thread.  

What is your personal criteria for buying here?

I don't just hand over money unless I have a good respect for the person. 

That person isnt to hard to find.

This is the same type of personality to gaslight you when you don't agree with their view on a deal or something goes awry, gatekeep you from information and deals, and become a resistance force in actually becoming a REI.