You missed an important item: Depending on how a person does #1 or #2, it could get them: A fast-pass to the "Principles Office" for "bullying" and now there sitting in "detention".... 

The seller purchased the property to do a favor for someone and the person died.

Read this: https://www.irs.gov/businesses/small-businesses-self-employe...Second, compensation is always issued to the person working.

I have arranged for Servpro to take a look at the property in person to give me a quote for this job.

We have done it both ways where we fund purchase and they cover rehab but if the individual is less experienced we do not do it that way, we have them put more money into the deal from the start and fund the draws, reason why is we also had a deal where the person said they would do this and never did anything and property sat and loan matured and it was a pain.Just recognize you will still not get 100% financing for the purchase, so you are putting money in up front. 

They might be willing to give different terms especially to a high net worth person that they can likely make money on cross selling.

That has become nearly an industry standard in the lending space. 

Would a HELOC or home equity loan on my personal home be a good idea to fund this?  

Many banks limit personal loan amounts.

I think I can open another personal checking account at the bank I already have and it'll be under my name but i'm trying to buy out of state rentals with an LLC I own.