I more easily track all mileage, buy supplies like light bulbs, batteries, cleaning stuff, grass seed, icemelt, etc through.   

I've used seed spreaders to spread the salt.

Our hope is that it will profit enough that we have enough "seed" money, that we won't need initial financing for a property.

Every problem contains the seed of opportunity-- as long as you have the perseverance and tolerance for it. 

You try to vet out the bad seeds before you give out any personal info. 

We could then use this HELOC as seed money to begin our investing in other homes in the area. 

Most wholesalers plant seeds of deceit in a seller's mind, doing that in a foreclosure can bite you very hard, my advice, don't mess with foreclosures, auctions, short sales or listed properties.

If we get an 80% mortgage on it and pay off construction costs it could be a net profit of $25kish(seed money for more investment property).  

Real Estate is all about planting seeds for the future, be dependable and be knowledgeable. 

If so, I think that's a lot to be spending based on your seed capital.  20% on an annual basis is more in line with what I'd recommend.