Outside of those issues, the house seems pretty decent, is in an up and coming neighborhood and the rental income will cover monthly expenses (M/I, Taxes, HOA+Utilities) comfortably.

Need to be more liquid to cover the constructions costs. 

That $2400/mo has to cover PITI (Dont know taxes or insurance in your area) with 20% down, and that would give me my maximum price for that property.

We allow but we require proof that each pet is spayed or neutered and the tenants has to submit proof that they have renter’s insurance which covers their pet(s).

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.