So on one hand, it's in my price range (finally) and one expert thinks it's a pretty decent deal.

Direct deposit is pretty common for tenants. 

Would be pretty simple to integrate with a LLC. 

I'm going to say some things that might tick off any appraisers here -- when a bank orders an appraisal, the job nowadays is pretty much lowballing the properties as much as they can get away with.

Or is it best to keep rehab pretty basic and cost-conscious? 

I'm pretty much subbing everything out but it will cost me another $500+ for a contractor to pull the permit.

Returns here are still pretty amazing. 

I'm pretty sure that your HELOC should have a cap for how high the adjustable rate can go. 

Offer to pay the electric bill for a couple months if you are feeling generous.As you are probably aware, AC on and off for 5 weeks is pretty extreme and I think you should definitely spend some time in the next couple months to beef up your vendor/tradesmen database.

So, yeah I am pretty much in bad shape.