However, circumstance has us not able to move into the new home until 6 months later.  

15k down payment + 3k closing costs + 5k unforeseen repairs= 23k.

I'm familiar with what closing costs are...the point I was confused by was the numbers in the original post as not much was mentioned about the $10k difference.In either circumstance...congrats on the sale and profit.

@Mike Howard Absolutely check with your attorney first, but I would see about doing a down payment or option to buy just do not under any circumstance call that money a security or rent deposit as it will fall under the security deposit guidelines.

I am in agreement that I'd rather do it "right" than "cheap"- it seems that in just about any circumstance, cutting corners only hurts you in the end when you find that you've stepped over dollars to pick up dimes.

Or other situations where you had the intent to hold but circumstances changed and you had to change your intent in less than that time.You're starting off at a disadvantage because your main gig you want to be flips.  

And I know it is frustrating, but without knowing your unique circumstances nobody on this site can give you a definitive answer.

My question, given the circumstance is there a better option than a heloc I should be looking into for financing?

VA and FHA can go for DTIs north of 50% in some circumstances.

For reactionary or mechanical repairs to keep the home in habitable condition, hire a company that will react as you would under the same circumstance.