The rent would cover the mortgage and bills and that's about it if I went with a 15 year mortgage.

standing over my dads casket looking down at his body ,realizing that someday that will be me ..dying broke without enough money in my savings to even cover my own funeral .

You may want to save up for a few months to make sure you can cover the HELOC payments and go from there.

So if it’s 70 percent Thad 87.5k meaning my entire acquisition and rehab is covered.

The other is once he has the job locked down, he doesn't really have an incentive to fix it fast since there is no real reward at the end of it while you have to cover the carrying costs. 

Obviously, I'm not an attorney and I haven't verified this with one, but I've heard in my state you can charge a storage fee (equal to a month's rent) for holding their property, charge them whatever amount your lease says for releasing fee, and then add on whatever damages the deposit won't cover.

We are actually from WP originally and I used to cover Houston in my former territory, now I have Seymour.

I am just asking them to pay for the materials and expenses I paid out of pocket to cover their failures to live up to the lease. 

Those bills are more than likely NOT covered by the loan.

Will the premium cover those?