I know one person that did this recently and was able to negotiate no money down and 12% over 5 years but this was probably in the mid west.

Subject: Status of Your Rental Application Dear xxxx, Thank you for your interest in the rental property at xxxxxx.

You are still going to have holding costs and a heloc will just have less holding costs that you would if you were doing a personal line or hard money. 

3) How well prepped was your property?

@Andrew Grimmett If a seller is hesitant due to capital gains taxes, consider creative solutions: suggest an installment sale (seller financing) to spread tax liability over time, a 1031 exchange to defer taxes by reinvesting in another property, or a structured sale for flexible deferred payments.

Your IRA can borrow, but you have to be careful to not personally guarantee it.

Personally I never listen to what the seller states the income is as they are sometimes way off.

As a sole operator, you have all the policies and procedures in your head and can apply them to many properties without referring to a binder.

For several reasons (property taxes, politics), I would prefer to begin real estate investing somewhere other than locally. 

Usually my time spent with newbies last a minimum of 1-2 hours on our first meeting (either in person or on the phone).