you will not find a cashflowing property at 100% financing whether its with a traditional loan and heloc or whatever the terms. 

@James Anderson, as a licensed real estate agent, it's pretty straightforward, and I assume my take will be similar to that of other agents. 

@Ming HuangRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The second position lender will get nothing.

@Timothy Frazier  This will be tough as the HML will want a 1st position loan, but so will the other lender providing the rest of the funds. 

Most times when evaluating a DSCR mortgage, market rent will come into play.

My question is, if I was to proceed with the Subject To deal, will this somehow be discovered?

She will soon have her RE license and we will work the business together.  

It will teach you so much, has the best financing options, least amount of risk, and will let you know if you want to be in this business or not. 

Not one single strategy will work for every property.