The education I received through the podcast was invaluable in giving me the knowledge and confidence to do the first deal.

It's a huge source of education and inspiration.

Depends on the state, but you can't just toss her out because of your own mistake and you don't like what she's paying.Sorry, gotta tell you.... you missed some things during the due diligence period.

@Danielle Zito We did this (reappraised a three-decker in Boston to apply for a HELOC to fund investment down payment on another, also Boston) and though rates are variable on the product we have, they're fixed for a period of time first - so paying it back is a priority.In terms of timing, it does take some time to get through the HELOC process, so you probably want to start sooner rather than later, but I would discuss with your mortgage lender as well.

I’ve read something about a “seasoning “ period with some loans.

The the owner has a redemption period and may still get it back. 

Sorry I have given you more questions than answers but often questions like these require educated guesses as to what will happen in the future.

Just put in a contingency for an acceptable appraisal.If your concern is whether it ia good deal put a contingency in for a due dillegence period and ask for all appropriate documents to verify income and expenses.

I have now acquired about 35 rentals in a very short period of time (15 months). 

I highly recommend you and your friend educate yourself about setting up a partnership.