While it looks all good, I would be curious to see if an attorney would view this as mortgage fraud.On a sidenote: I will get up on my hill and say we see so many instances where someone cannot afford a property but think by the graces of their believer they can save it.

Since it would then be a family deal, this is one of those very few instances that makes sense.

This is an instance where possibly using a mortgage broker to shop rates for you would come in handy. 

@Rusty Scott Price reduction vs pulling out cash does not make sense in this instance.

For instance, there is currently a nursing shortage across the US, and traveling nurses help to alleviate it.

Did you use an attorney in this instance?

(Looking for books, magazines, websites, job opportunities potentially, etc).

In the rare instance where I use an agent, I tell them what I will pay a listing agent and how long the contract will be.

That's just a rule of thumb for a quick calculation.Flipping is could be cost intensive and then bring tax liability when done as a one off, for instance if you did 1 per year maybe it's not worth it. 

For instance, the heloc property could be a rental that is producing enough cash flow to make the heloc payments, so it can pay for itself and not depend on the other purchase.