I'd like to use this to make an "all-cash" offer on a SFR, and then convert that to a conventional mortgage to pay off the HELOC.  

Also instead of doing a 10 year mortgage, you should have done a 25 or 30 year mortgage. 

So you could see about going to auctions and winning a "cheaper" bid on a property there, if you decide that's an option.

If you think you can manage a mortgage, taxes, insurance and the upkeep of a home while paying your student loans then buying is not  bad idea but if you think you will overstretch yourself renting is nto bad either.

$6000 is a large mortgage to cover for a vacancy. 

But at current prices and interest rates, this will be very challenging unless you go to cheaper areas or nearby suburbs that are cheaper. 

I just completed my 20 hour course for my Illinois Mortgage Lending License and the final step is taking the state exam.

So they would first payoff the first mortgage, if there is a second then $ goes to the second and if anything above that goes to any other lienholders or the homeowner.There are a lot of people who invest in 2nd mortgages because they are cheaper than a first, but in Ohio (not sure all counties) you have to pay off the first at foreclosure so if you do not have the money to pay off the first you are out of luck. 

Ur rent mortgage rate is 6.75 and I have been paying mortgage for like 7-8 months.

We are responsible for the mortgage as of January 1 - but it's come to our attention that they stopped paying it back In October 2024.