Seller would only need additional $41,000 leaving space of $54,000 between my offer price and what seller gets.

I would consider buying a duplex, tri or quad as a primary residence and move into one of the units and rent out the others.You could sell your primary and use the capital, or pull the HELOC and use to buy a small multifamily.You can also learn how to flip properties to generate additional income to use to buy properties to hold longer term.You can also consider looking into a job in the real estate industry, such as an analyst, broker, lender ,etc that can get you in the gameAll the bestGino

IF you plan on holding on to this long-term, I personally will go with the ARM as I also would have the funds to pay down additional monies later on if there were equity or refinancing issues.

Additionally, if I successfully am able to secure the property (again, seems like this is a must) then should I just keep pushing through the renovation to try and break even on the flip?

The good news is that both of these costs can be collected in addition to the underlying judgment. 

Basically, if your deal is a deal - it's going to sell at a good % You will not need additional, expensive dispo tools or Joint Ventures.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Please allow me to add some additional clarity...  

Additionally, I’m partnering with a friend where we then can take advantage of a first-time homebuyer program, but we’re unfamiliar with the available options in Charlotte.Your guidance and expertise in helping us find suitable properties and navigate these programs would be greatly appreciated.

Review Multiple Liens: Look for any unsatisfied liens or additional encumbrances.9.