The down fall is a Heloc can "Never" be used as an asset or for PITI reserves required when buying a new Primary or investment property.A heloc can also cause major issues with credit and one slight hiccup or missed payment the bank or lender who is holding the Heloc can close or reduce your line of credit.

If OP can lever-up while maintaining adequate reserves, he will be in better position than buying with heavy cash position.  

If not I'd confirm with the listing broker and then add a buffer. 

Do you have an inspector come out the property every time or can we use app to confirm work has been completed?

If the floating rate debt starts costing too much and there is no capital to replace a rate cap, reserves run out.  

This is after covering all expenses and setting aside a certain amount for reserves to cover future expenses like capex or vacancy. 

Hey fellow suburban Illinois BPers - Not sure if this has been sent/shared previously, but thought it'd be good to recap - Chicago Agent Magazine recently reported that suburban Chicago was ranked the second-hottest rental market in the nation (Here’s the article.).This confirms what a lot of us have seen: demand for rentals is really strong in the suburbs right now.

It might be worth a follow-up closer to the move-out date to confirm their plans, but avoid excessive contact to prevent escalation.

And always have reserves to handle any unexpected issues.

We are direct lenders, meaning we lend our own money, for flips within approximately 1½ hours of our home.We walk through every property to avoid surprises and to confirm the rehab estimate.