But she said her and her broker will not submit my offer because its too low (my initial down payment) as it wont cover her commission fees or something like that?

What must happen to make this progress payment happen?

Any advice on the pros and cons of using the HELOC/HEL and purchasing outright or only using for a large down payment? 

Down payment would still be $60,000.Of course if buyer defaults on the loan I would still foreclose, and I would require home insurance/property tax in escrow like the banks do.Do you think this would work?

The option fee counts as a down payment when talking to future lenders.Monthly rent has NO credit going toward the purchase price/down payment.

It requires more effort but can significantly accelerate your portfolio growth.Down Payment Assistance Programs: If upfront cash is a concern, look into down payment assistance programs.

Two of the frightening conversations I've had are women who had to return to work at age 65 or 72 because their Social Security payments or deceased husband's pension was not enough to live on with inflation.

Also, using a low down payment option can be a good tool to utilize leverage. 

I know I pissed off the 2 buyers agents that wanted 3 %  for bringing a buyer when I told them lets pretend its July and since you work for the buyer any payment you get is between you and  them . 

The response was that they paid a guru to teach them how to do 100%, 2nd mortgage financing to real estate investors for purchases and down payments.