Stopping by to say hello to everyone here at Bigger Pockets!

I understand how quickly it can get away from the borrower, but if the intentions are to more than likely turn-over the property after the initial locked-in period, should I be as leary?

At auction, if there is not enough to cover all liens, they will just bid it up to the point where all others stop bidding. 

Since you are effectively borrowing the whole thing, you will be paying interest on the HELOC once you right that check.

I felt like it was time to stop ignoring my true calling.

Putting down 5% for the down payment the property looks like it would cash flow if I borrowed 145000 or less.

We gave an 'interest-only' promissory note to our borrower a few years ago. 

Borrower loses legal right to reinstate in about two days so, unless they are stroking a check to reinstate within two days, or a check to pay it off in the next seven days, BK would be the only thing that would guarantee a hold on a pending sale...if you can't compel them just because. 

Now I'm just trying to get everything lined up and stop "playing" REI.

But if you're just borrowing from friends/family one at a time, there's probably other free options.