Generally I understand that it would be structured with a small deposit, as well as higher than market rents, with the deposit and a portion of the rent being applied to the purchase price at closing.

I believe you can apply for a hearing online but you would have to appear in person or have a representative appear to make your case. 

I'm still learning the area and applying to get on the Prince George county FD.

Your credit would be smoked for 7 years and you couldn’t apply for a loan for 2.

My current dilemma is deciding if I should get licensed in Maryland or DC first -g ranted I will ultimately apply for a reciprocal license.

Once I get that, I'll apply for the HELOC which I'll use for down payment on a second home.

So, I'm still really new here and I'm putting in an offer on an REO through a wholesaler.I know there is a right of redemption on foreclosures in Kansas (12 months), but does that apply to an REO, or once the property passes to another buyer (me... or the party that I eventually sell to), does that right of redemption go away?

Never a guarantee, and see how #1 applies here too.3 - 3 co-investors, all making negative cash flow, all banking on a future event they all have no control over. 

If however the payment does not go through then a late fee is applied.

Frequently the REI/consumer applies to 3 or 5 different HELOC lenders before a credit line is actually opened -- the better rate HELOC has higher standards, so REI/consumers go through this time-exhaustive exercise of getting denied a bunch because the 4 best rate HELOC lenders denied them, it's not until the 5th that it's approved and open.