For the loan, I would plan on talking to commercial loan departments at various banks since you have 6 units. 

The trust will hold title, and title insurance, although the bank will still apply the note to your personal name. 

If your using financing the bank requires this.

If so, is this as simple as her drawing from the HELOC and wiring the funds into my bank account so I can complete the purchase under my name?

But if I would get a loan from a bank now and the property goes down later then is more predictable since the loan is already fixed in place, but if it goes down before I get the loan, then I might not even get a loan.

. 😉 Again, the only thing I wish I'd made more of a priority was accessing that equity while in an easier position to do so from a banks perspective.

Is the option price you agreed on contingent on traditional bank financing or seller back financing?

I'm looking for some help with what happens next, as in what will the banks be looking for, how the loan will actually be structured, how do I actually accept everyones money and pool it for the down payment, etc.

Deposit it into a bank account?

I know Phoenix got hit very hard with foreclosures and homes could be bought for $30k or so on low end and people had their pick since the bank was off loading so many homes , now looks like low end is $150k plus .