If you'd like to catch up off line about what I found to be their strengths, I'd be happy to share my thoughts. 

There is a larger 4 bed around the corner priced at $142k that has been on the market 60 days.

Bottom line is I knew what I needed to get the house for and I think that the bank wanted it off their books.

Assuming when you say "income requirement" you're referring to something along the lines of "Minimum income 3x rent" and not "No Section 8 income allowed" which could be considered a Fair Housing violation in some state jurisdictions (including yours) based on source of income. 

If you dont have renters/tenant buyers lined up, then you will have to cover the payments until you get a qualified tenant in the property. 

I have zero real estate deals I am just starting out right now, I am a full time mechanic, I’ve  been wanting to invest in real estate for quite some time now but I have been sitting on the side lines wondering what to do first.

However, you can't ignore this line from the article:"In the past, California, one of the largest housing markets in the nation, has been a predictor for the rest of the country."

If it takes ALL of your Heloc line to pay in full I would not do that. you want some backup for emergencies.

Bottom line is if the question is being asked the problem may exist. 

But you sign an Assignment of Agreement contract with the assignee (tenant/buyer) and the landlord/seller which states that the assignee assumes all rights, privileges and obligations under the lease and option contracts which are attached for reference, and that the landlord/seller accepts the assignee in place of assignor (you) and releases the assignor from all obligations under the attached agreements.It's very important to include that line and have the seller sign the Assignment, otherwise you are still liable to the obligations even though you've assigned the privileges away.You can't have your name removed from the contracts.