Well, what would be happening is that your buyer would be buying your house subject to the existing note, since you can't legally sell the property without paying off that note or transferring the debt to the new buyer.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

I would NEVER Ever use OBIE INSURANCE  --Not honest in their dealings and do not expect refunds on cancellations  I am of the opinion that they are legal scammers Just be careful

This is for basic informational purposes I am not an attorney and this is not legal advice.First, if you offer to purchase a property using a HELOC to fund the purchase you cannot later back out of the agreement because you couldn't find PML or investors.  

Double check your lease, all the legalities and still check with the landlord....

@Ryan Daniel  I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection in relation to real estate investments.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

Someone in the legal profession told me that we can give her 30 day notice and then proceed with an eviction. 

It is legal and very lucrative in some parts of the US. 

Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..