What's left after all that is your cash flow.Collecting cash flow to spend is an amateur play.

@Bob DoleYou’re right in that accelerated depreciation can help you save on taxes by front-loading deductions, which could significantly reduce your taxable income for the year. 

We had 5k left on the grant money that we still owed, but we ended up paying it through the HELOC.

Be clear that you are terminating due to breach of contract, and they have no right to penalize you.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

Whether they have personal property protection, and how much, should be left up them.

Sounds like you’ve taken the right steps so far by giving formal notice to vacate.

I’d appreciate any guidance or tips to get started on the right path.

The numbers can definitely still work here with the right deal and execution.

Right now, I’m seeing max LTVs closer to 80% on purchases, though before COVID, we sometimes went up to 85%.Also, keep an eye out for lenders who promise amazing terms but demand large commitment fees upfront.