Deleting the mechanical items that are prone to breaking is good long term, but you have to strike a balance with tenant happiness. 

Our thought was that we needed to strike while the iron was hot to maximize our profit during this seller’s market.Her home has no mortgage and is valued around 420k.

My question is: Can YOU close on any deal you strike?

You’re on about strike 4 with this PM.

This will be critical, because you don't want too complicated a process that the insurance companies overcharge you (not sure if this could be an issue but it strikes me as a possibility)- Lender. 

The cash tenants I (used to have) were a mixture of good and bad before the pandemic so I can’t imagine what it would have been like to have to deal with any of those during the pandemic and their “rent strike nonsense”. 🤦🏾 

If you do use it and Armageddon really does strike, you sell the asset you bought with the HELOC and pay it off.

You need to strike a balance between unique and practical.

I would like to purchase this property before the bank puts it on the market and I figured that I can strike a deal with the bank and have them do the financing for this property. 

The goal is to improve my skill set to become better prepared for today's market and be prepared to strike when opportunity presents itself.