Regarding insurance adding additional umbrella insurance is great idea. 

Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment. 

In both you are now paying taxes on an additional $1K/mo.

If you do call them best case scenario you get the listing, sell their home and end up with some additional buyer clients that did not end up buying this particular house.

Additionally, it's a good idea to connect with a Property Manager early on.

Additionally, take some time to drive around your neighborhood and gather information on recently sold properties within a mile radius.

Typically you will close sooner than 30 days, but this way if there are any issues or anything that slows down the closing, you have some additional time to close still.

Simple answer - yes you can alter your funding source after putting it under agreement if you chose to use a hard money lender instead - i would just communicate with seller that hey I was going to use cash (assuming you have it from your heloc) and instead will finance some of it but let them know its not contingent on financing.

@Ryan VienneauAre they able to set-up your credit cards as additional "accounts payable"?    

If I were to do a traditional VA loan, the loan would be close to 7%.Below are what I understand to be the numbers so far:Seller purchased the property in DEC 2022 for $1.13M (owned for 2yrs)Current estimates are Zillow= $1.26M/  Redfin=$1.323MOur agreed purchase price is $1.25MSeller financing would be $120k @ 8% for 3yrs.No commission cost.Small percentage of fees/ costs in the tune of 1.5% of loan amount.Let me know what you think and if you need any additional info.