Getting in bed with the listing agent when their fiduciary responsibility lies elsewhere may not be the wisest choice, but glad its working out for you so far..  

We have identified two markets that we are very interested in that are not far from each other, but are across state lines.

Doesn't matter if you have 2 queen size beds in one bedroom, still only allowed 2 people.

However, I know of some hard money lenders that will provide a line of credit after 2-3 successful deals.

My original plan was to put a HELOC on each unit and pull 80% of the value out to recoup my cash, however now I’m considering doing a cashout refi in six months for the same amount or more.Using the HELOC, my original plan was to take a 50k line on each unit and use all of my cash flow (no money set aside for reserves/profit) to not only pay the interest but also the principle down.

Both units originally have 2 beds one bathroom, and they are large. 

She has a lender lined up to give her a conventional loan, but she needs 5 months to complete their requirements to qualify.Since she is about to loose all the equity she has put into the property, she has offered me the following terms: I'll pay off her land contract, she'll make monthly payments to me of $1,200, and then in 5 months she'll refinance out and pay me out a lump sum of $160,000, for a profit of $20,000.

Your contract is probably effectively broken since the lines of communication it has like sending notices by mail can no longer be done. 

Maybe a new water line if one freezes.  

Per Rentometer.com the avg. 4 Bed Rent in that area is $1,443 and the median is $1,298.