It's all about personal position and the ability to pivot. 

Maybe, at least in CA you get livescan fingerprinted as part of the process so, while it may not affect your ability to get your license the law may come find you. 

They figure they would rather pay a few months of interest with the funds sitting in their bank than lose their ability to have cash on hand right now.  

@Kenneth Kilgore - do you have the ability to do seller financing for the time period that you are in VA?

That will affect your ability to finance.http://tax1.co.monmouth.nj.us/cgi-bin/inf.cgihttp://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?

We have the ability to purchase the property with all cash, but would like to hear from those with short term rental experience on if you think it would be better to tie all cash in this one property,  or possibly take a HELOC for a portion to keep the liquid funds for a potential additional investment, should one come up. 

Personally, that's a fear of mine is being under-educated but I don't want it to hinder my ability to start.

Never seen it pop up on a closed end mortgage where you make 30 years of payments and you're done, with no ability to draw on them or other wonky features.

They had all of the tools necessary to do deals but they just lacked that ability to say: "Hey, I don't know if this is going to work.

Carriers treat claims differently, so there is no true "correct" answer.Going through a broker is what I always suggest because you will have the best possible ability to create a lasting agent relationship, maximize discounts, receive different quote options.