However, I’m also contemplating learning the flipping business, either by working with a flipper or trying it myself, to generate a larger cash position.I’m open to the idea of out-of-state investing but would approach it conservatively.

There are pros and cons to both approaches, so I would love some input here :) Alternatively, if this doesn't seem like a good enough deal in general, please let me know what you think!

Approach the current owner and ask them if they are interested in selling.

Additionally, what do you consider the most effective approach for collecting the owed amount?

Tenants have been a little bit of a litter bug leave before belongings and leaving personal belongings like it's storage what would be the best way to approach them about and enforce to keep clean and no personal belongings

Learning about various investment approaches has been overwhelming and taking that initial step toward building passive income streams seems daunting.

I'm going to offer up a few words of caution, as well as the way I like to approach flips.... but to answer your up front question on financing, the typical heloc is going in the 9% range.  

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.PM us if you’d like to discuss this logical approach in greater detail!

If it were me, I would approach from two directions.

He signed a contract but the owner never pursued eviction.How should I approach this?