And my Dad in the 70s told me about fake lenders to.. make a living on upfront fees and never lend..

This setup is not ideal for investing that can be transaction heavy, due to red tape, delays, and transaction fees or higher flat annual.  

He is older and does not have a mortgage and there is a lot of deferred maintenance on the property.

To clarify some of the questions, we did not project a quick sale at a low cap rate with aggressive rent appreciation, nor were our projections based on 2021 occupancy levels.

Have you called a realtor or the assoc?  

While it seems like there are some better priced deals lately, you may have to be prepared to put down 30-40% down.I'd say due to the lack of homes for sale, you should be open to many if not most cities depending on the deal that comes up. 

Those leases are never renewed due to the high usage cost. $800 electric bill for 800 sqft place is not uncommon.

I'm uncertain how this will affect home sales - if people overextended themselves on a mortgage and lose their $400k to $500k salary, they may need to sell.

With proactive planning, they should be able to close on replacement properties within the 180-day period.

Would anyone care to recommend a bank, credit union, etc that will do a HELOC on an investment property?