You'll want to incorporate interest costs on the HELOC while you're using it, but that will add to your holding costs in addition to utilities, closing costs, etc..

Define your minimum cash-flow to hold this property. 

Based on the comments received thus far I think it's prob make the most sense to hold on to the note.

Then the seller is holding a note for 5 years.

Hi there, if you're open to holding onto the property, converting it into an Airbnb or short-term rental could significantly increase your cash flow, especially with the current demand for rental properties.

I would hold the cash for keys idea in my back pocket until I heard what they have to say.

Look for motivated sellers off market and market via cold calling and or direct mail, geofencing, advertising and the like.A good wholesaler is as @Ericka Parrott mentioned, direct to seller, did good underwriting and can deliver an actual "Deal" whether buy and hold or flip. 

Investment Info:Single-family residence buy & hold investment.

It's a single mom with one cute toddler that works her butt off to raise her kid, hold a full-time job, and go to school at night.

I want to know is it more cost effective or easier to purchase the property alone and put it in a mortgage in our name or purchase the LLC from him that holds the property within it.