I am wishing that someone out there is not discouraged due to what I have wrote because that is not my intent. 

Over the phone, he seemed like a cool guy, but was unclear on his intentions for the property I was offering.

Your intent to perform as agreed, your ability to performs as agreed, is your contract valid or voidable, wholesalers generally have a voidable contract as they lack intent and ability to perform.

I'd like to take out another HELOC or home equity loan for the Newport, RI property for my next down payment, with the intent to live in and refurbish before I move again.Any thoughts about how I can pull it off?

My concern is the homeowner see it listed and question my intentions, but at the same time the homeowner doesn't even have an email so I doubt she is looking on Zillow ....

At that point, its 50-50 to whether their intent is to run off with the money or not.

@Jeannie G — I have to respectfully disagree.The property you purchased through the owner/Provider (Coral Properties) was represented by them as a rental property; however, as you and I both know the HOA restriction never came up at any point from the day we received the listing information to the day you received your closing documentation, and thereafter.In other words, this was not caught by the provider right from the beginning, and was not disclosed to anyone by the title company before you closed, and was not caught by your review of the closing documents (specifically the CC&Rs).This certainly was an anomaly and one that only has come up once over the years.It is and was our intention to help work through this with the original seller (Coral Properties) and formulate a solution for you...As you will recall from our communications back on August 20th, we helped come up with a few options for this property and we negotiated with Coral Properties to list and sell the property at no cost to you.

The Debt-To-Income formula that Lenders use is likely to be CRUCIAL in your goal of getting back into Rentals.My last question for today is: how SERIOUS are you about your investing intentions?

We now would like to purchase a home with the intent of doing a live in flip to begin our real estate investing future.

Hi @Sarkis Gezalyan,People usually use HELOCS with the intent to pay them back within the 10 years.