But I would also make sure that you get a sewer lateral scope done to ensure the cast iron piping is in good shape. 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

And if you're not already using the same paint color on all properties, you should start and you can thank me for this tip later.

The good thing is that rentals are very forgiving and I eventually recovered and years later it even started cashflowing.  

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

My question is, if I do want to make an offer funded with a HELOC, can I later bring in investors or even a hard money lender before the purchase?

I'd guess half of this final third eventually sold, even if several years later. 

If it were me, I would like consider refinancing only 1 of the 2 properties now and considering the second later in 2025 or even early 2026 when rates potentially soften.

On buy-and holds we usually replace all the plumbing with pex, no matter what, because galvanized has a life expectation of about 60 years, so I usually take the sooner than later approach.Stick with hard money, like Mach1 or or MKE hard money (Scott Lurie) as they will not leand on a deal that does not pencil out, so you have the added benefit of someone experienced looking over your numbers.

Until about a couple months later, i opened my eyes a little bit more and the entire operation was sketchy.