Hi Steve, glad to have you as a part of this awesome community!

Have you posted it on bigger pockets marketplace?

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

Quote from @Michell Chase: It isn't a large amount but my concern is that if I remove the tenant in July I have no deposit in the event that there are damages to the unit. 

You have the choice to use whatever management team you would like. 

Spend the time now reading and learning so you will be ready when you have the down payment for your house hack.

If you use a HELOC you will have a sizable monthly interest payment.

It was my first time stepping through the motions of a property auction and it was still a great learning experience, despite missing a technical deadline and not being able to bid on any properties.I am now in the process of closing on a FSBO listed duplex that's a better deal in comparison to most of the properties that sold in the area during the auction, so it all worked out in the end.

The best HELOC usually comes from the bank where you have the most money or the one you have the best relationship with.

On the other hand who ever buys the property will have to raise the rents.