Lease options are doable though and that is what this sounds like.  

Its still doable, you just have to really make sure you know your numbers.

I've never done a double-close (I just close on mine the ordinary way, then rehab them, then sell them and close the ordinary way again) - but it should be doable too.

something like this setup ... look legal and/ or doable ?

Definitely doable, but definitely a bit complicated, hence the need to work with someone that knows the ins and outs.Best of luck finding the right property/place to build, keep us posted!

Is it doable considering I do not reside in USA and do not have a credit score a) Loan amount of around 200k securitized by the 3 existing properties plus additional ones purchasedb) The current properties were purchased for 100+k, not sure of the actual value now.c) 50% LTV ratio, I have cash on hand for topups to meet the LTV d) Loan tenor of ~10 yearse) Properties purchased will probably be around the 30-50k rangeThe way I envision how this will work is that I am able to get a committed line that I can draw upon based on the 3 properties, so that I can proceed with the other purchases as though they were cash purchases (together with additional invested cash).

Determine how much you actually pay each month toward your HELOC to pay it off in 10 months (I know that can be a bit of a challenge if you put your paycheck in there and then pay bills out of it, but it's doable).

It's all doable but know what you are doing and have the time and energy to do it. 

It unlikely that I will concert that but its doable and I am calling the zoning just to check it out that possibility.Darryl - I have no clue how much difference it will make.

I'm from Youngstown and I live in Youngstown it's true - That's about the range also - $10-$30k And rents between $600 and $750 - You have to buy in the right areas but it is very doable - Because I was born and raised here I know what areas to buy in - I would say a good price is around $40 to $60k with  little rehab you can have a long time tenant - If you need any further help let me know