If you're out of state and it's first time, this is really important

This is great advice, thanks.

Purchase price: $100,000 Cash invested: $30,000Property is valued around $315kForeclosure purchased from bankNo renovations since 1978What made you interested in investing in this type of deal?

And anyone that feels they've been mislead should seek legal help.

Now for the house you are leaving behind…I like to have this one freshly painted, and take action on any maintenance items.  

I know a HELOC normally does not come with much of a closing cost, but over the long-term, this might make the most sense. 

If you live below your means you should be able to save enough for this. 

I don't know anything about LA, but is this a property (or area) that would interest you? 

The lot is almost perfectly flat which makes this significantly easier. 

Any debt that can help in an emergency is a good idea.