Does anyone know of any banks that would be willing to do a 3rd postion HELOC or refi the existing HELOC with a new one at 80-85% LTV being that it is a rental property? 

The Connecticut statute also specifically provides protection to the tax deed purchaser against any liability for any condition existing or occurrence upon the property or adjoining public sidewalks and streets, or for any failure to act to remedy or investigate any such condition or occurrence during such redemption period. 

Not sure if you're planning to buy an existing one or start from scratch. 

Much higher rent and moral in building with existing tenant Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

How much is your property going to appreciate if land is cheap and in high supply, labor is fairly cheap and regulation/zoning is nearly non existent?

Depends on how much repiping you have to do Inside the duplex, which depends on how the existing water pipes are run.

The return for a flip, especially if you've overcome the lead paint issue, would put you in another bracket as well.As for the existing 2 bedroom,  I'd try to switch the living room with that one bedroom upstairs unless it's normal in that area to have living rooms downstairs.

Of course most investments are not guaranteed, so that's a more risky, but possibly more rewarding way to go.Of course tax consequences exist too.  

@Jassem A. thank you so much for your quick reply. im looking at getting started with real estate by trying to find some seller financing since my funds are limited but im also in the process of moving myself so this could be interesting..buy im being very careful of the due on sale clause so i must make sure their is not existing mortgage out on the house, correct?? 

I veto things they want to look at because I know the margin is non existant.