However, the SBA Emergency Injury Disaster Assistance Loan (EIDL) loan applications I've seen talk about covering mortgage payments, which I believe will be your main qualifier.

Based on the size of the home, this definitely feels doable if you're sticking with more of a siding/paneling application.

The seller prefers cash buyers much better due to the extended loan application recently.

You could still use the remaining of the Heloc to buy investment properties and take a distribution of the rents (if you want of course tax implications might be applicable) to pay down the Heloc and repeat process over and over. 

Recheck their lease application.

With that being said, certain industries will feel the effects of the red tape for longer, and those should be evaluated (eg. airlines).

You can advertise it as "COMING SOON" or something to that affect but you shouldn't be showing it, accepting applications, or otherwise acting as if you own it until you actually own it.

Make sure when you reference check you are not just speaking to the applicant's friend or mother.

It will ask you your financial info, very basic application to start. 

We're not going to do any showings (we've put up a lot of pictures so people can see what the room looks like), and we have a comprehensive application form to vet tenants.