I'm sure there are many "what if" scenarios we are unaware of, and hoping to gain as much insight as possible. 

The property may be occupied and it will be your responsibility to gain access and get the occupant to leave. 

You would get the stepped up basis at the time of their deaths.Assuming you don't want to wait, an installment sale does have the advantage of spreading out the gains. 

I will reach out to @Michael Glotfelty and hope to be a valuable resource to you.

Not only is the process really user friendly, they also provide a lot of valuable tips and tricks relating to being a good landlord. 

Although it’s your equity, a HELOC needs to be paid back all the same with interest.Failing to handle this debt properly could hurt you financially and lead to negative consequences; however, handling it successfully can help you manage your expenses as well as lead to positive financial gain down the road.

But in the end, you'll be the one gaining far more knowledge than you can pass on to them.

Hopefully as I continue to grow and gain experience, I'll have something to contribute and give back to this great community.My wife and I are just starting out personally in investing with a BRRRR strategy. 

If recourse debt: In foreclosures the property is deemed to be sold for less of  1)FMV or 2) the amount of debt.There will be a debt discharge income on top of capital rate gain, if any.

While I am just doing a single flip right now, it's a big one, and I hope to parlay its gains into several smaller deals to see how much volume I can handle.