Our city/county has more than 10,000 surplus properties in inventory at the moment that they are selling at literally rock bottom prices.

There were some lot clearing liens from the city mowing it but they'll get paid out of the surplus.

Given the current low 30 yr rates why not finance the SFH @ then use the surplus cash you have to leverage your way into investment RE.Many HELOC's are variable rates with a 10-15yr term so your pmts are much higher (assuming you intend to pay Princ as well).Whereas the pmts on a maxed out 30 yr term on your owner occupied would at least be predictable for a long time.good luck

The borrower only gets any excess if the property sells at the foreclosure auction for more than the debt, and there are no other junior/senior debts that claim the surplus.

I don't think you have enough room with those numbers and based on the above I doubt it would be cash surplus.

If I have a surplus in one LLC can I use it for repairs on a property under the second LLC?

The 7 instances when it didn't or even ran a surplus, these events where followed each and every time by a recession or depression.

The proceeds will pay the rent-to-own deal ($14.5K) and surplus funds ($10.5K) will be used for repairs.

However, you can make a big dent in that goal, and can work on acquiring more as you get back into working in nuclear power.If you keep your expenses low, use the cash flow from your new properties, and any other surplus from your job, you should be able to get up to that gross income goal eventually.

Then take ALL surplus income and pay off the HELOC as soon as possible.