Buy a nice property with no issues.

I think it definitely depends on your location and job diversity.  

If holding it causes you to lose money month after month, but appreciates nicely when you sell a few years from now, you could end up making money.

Should I play nice and allow her the extra time?

If you have credit cards and obtained previous student loans as well as a car loan, that's a pretty diverse set of liabilities to prove your credit-worthiness.

But both this and the HELOC alternative would translate into 100% financing and I doubt you'll find such good deals that would cash flow nicely at 100% financing.

We have an opportunity to buy a nice property in Georgia, but are told it's an "estate sale", with special rules. 

Not no rehab.. and you don't get fake tenants and fake leases.. and payments on empty properties etc etc.. that gives you an illusion that your investment is safe .in my almost 2 decades of funding turn key this is the biggest violation of the public trust I have seen.. many get away with it for 2 to 6 months then go broke but this has been going on for pert near 2 years.. and now all these nice folks are learning that they were sold a bill of goods in many cases. 

Nice intro you got here :)One other way to meet other investors in your local market is to attend the real estate meetings near you.

Nice to meet you btw @Justin Maser!