The only thing I would add is; it might be a good idea to change the locks once the husband moves out.

If I close in October, payments don't start until December, so even if I have to go vacant until March, it's the the price I pay to lock in a performing asset for the next decade+. 

My home is fully paid for and I'm looking to use the equity to purchase more properties.Should I get a HELOC or just cash out refinance and lock in a lower rate?

Sign the contract and lock in the price you agreed on.

I became even more serious about locking down some properties so that I could demonstrate what I'm doing, as well as get the groundwork laid for the process.Unfortunately, I'm having some problems. 

I have a flip closing this week in Chattanooga TN and am having trouble locking down a good contractor to do run the project.

A few negatives-The 2.4 acres is land locked, it is sandwiched between two different sub-divisions with existing homes.

Not that this will happen again, but why not lock in terms for the long term? 

Unless you plan on doing all the work yourself, you should factor in termite inspection/prevention, possible tree removal/trimming, clearing gutters to prevent leaks, sending contractors to fix things that break, painting unit after each tenant, changing locks after each tenant, cleaning, appliance maintenance etc. 

Part of these funds has already been ear marked for renovating our house to create an Airbnb unit, which will help the financial freedom goal, but that's not the focus of this question...