Quote from @Arshiya Taami: what the title says.  

You can wind up with title issues if you are not careful. 

Once you go under contract, (here in Texas) fine a title company that works fast that you can trust, even before the contract is assigned know if they work with wholesalers and how they can help you.

I wouldn't be opposed to having a little skin in the game (closing costs, inspections, etc) I would be living there paying market rent and doing the improvements myself.

Most (not all) HELOCs require that the property is titled to an individual (not LLC) and are full doc, meaning your employment history, income, DTI etc will be factors.

Hello Tiffani Hollis, Congratulations on stepping into the realestate game.

Quote from @Zalman Ives: Quote from @Tom Miller: Quote from @Zalman Ives: Quote from @Tom Miller: Like the title read the city wants tobuy my property it’s ran down.

As long as you are on the loan, on title, and live in the home for 12 months minimum, then your non occupying coborrower can qualify for 5% down at owner occupied rates.

It comes down to how each county handles property tax valuation.To put it in generic terms - a title company & lender will base your initial mortgage payment on the property taxes of the previous owner.  

Keep in mind of the I/O(payments/period) and game plan on how fast you'd like to pay it down.