No, seriously. 4-7 hours of driving a day can cover a lot of chewy podding goodness.

HELOC is just a credit line, So you can buy/rehab and refinance with a regular loan in order to pay back your HELOC if you want or pay back the HELOC with time.Depending on the type (1% Payback or Interest Only Payback) if you borrow 80k, your monthly payments would be $800 - if you were renting for say $1000+ and covered all expenses, then you could just pay back your HELOC and if rates adjusted, your payments is still 1% payback - you would just have more interest added on for the life of the loan.I have a HELOC and opened it up to be able to fund my rehabs or have extra $ to close on a deal.

I got an idea of how real estate deals go but I know when your actually doing the deal there's many intricacies that may or may not be covered from a general guide.

Go with the prefab and cover over the window or remove it. 

They focused more time on making sure tenants were happy than to be my representation (afterall, I paid them 12% of my monthly rent). 

ok.....so my buyers closing attorney did not figure this out as he didn't even know the bill existed......the may 15th tax bill covered March , April , May and June...so part is in arrears and part in advance

The condo fees cover the big ticket exterior items, so I view them as forced capex savings.

Assuming $5k for minor repairs, and that you'll need to cover her $2k closing costs, that means your all-in cost would be $107K - $112K for a house with an ARV of $120K. 

I do see the value in being able to use FHA financing to acquire and potentially fix cover your rehab costs but based on the necessary repairs I would ask for either a significant reduction, the current owner to complete all major repairs, or just move on. 

If you were to take 25% of monthly rent to cover these expenses your cash flow would be as follows.$925x0.25=$231.25$925-$660-$231.25=$33.75 in cashflowTake a look at these additional expenses in your area and what you need to pull out as reserves for future expenses.