The benefit of this is that you are not paying Hard Money rates so in long term there is a lot of savings going this route.

There are people on here (BP) that say "you don't need to pay for education".Well, not only are they wrong!

After ignoring advice, their next post is often, “How do I evict my non paying tenant?”

Quote from @Hanna Brown: @Jay Hinrichs If the bidder at the auction pays cash for keys to get the homeowner out, does the person redeeming from the owner position (exercising rights of redemption w/in 180 days) have to reimburse them for those costs they paid to get the homeowner out? 

It's properly leveraging (not over leveraging) the asset that pays off.  

Checking: collect all income here, then use it to pay bills.

Either pay it back in ten years or when I sell I have to give a % of the equity to the lending company. breakdown$2,200-$1,100=$1,000 profit what are your thoughts?  

I'd also suggest that the remaining tenant pay only their rent for one month and that you use the security deposit from the other tenant to cover that missed rent.

That he has very little vacancy or non paying TENANTSSo a good rental model it seems.

Even if you get a great deal that is 20% below market, appraisers will typically be anchored by the last sale price and you may be stuck not being able to pull out as much cash as you need to pay off the HELOC.