The difference with a HELOC is that this product functions like a credit card with the credit balance being equal to the equity you had available to tap into. 

Get rid of the maintenance costs and it's more functional compared to a deck where boards warp, things fall through cracks, chairs can't slide, etc.

I talked with a lender who said that this should be possible (nothing is 100%) but that doing that doesn't require positive cash flow on the property in question; it is more a function of one's general finances, appreciation on the property in question, and of course interest rates -- i.e. can you afford the new mortages.I'm curious if any of you have thoughts on whether my hopes/expectations regarding appreciation and future financing seem accurate to you all.

It's mostly a function of budget but Bucks is a land of opportunity - a gorgeous region with great schools, roads and opportunities for growth. 

It has plenty of work that needs to be done but the building functions.

I haven't quite mastered the search function on here.

Some architects are also expeditors whose function is to know what permits need to be done, and file it for you.

If it does, they will not have functioning plumbing for the remainder of their lease (no sinks, no toilets, no showers).

Even with minimum wage at 15 to 20 an hour. most they can pay for rent living solo is wht 700 to 800 a month you cant rent pretty much any city on the west cost for that little.. other wise you have monster commute and with gas that does not work and public transportation is not like East cost upper mid west cities where its actually functional. 

@Alex Pepe, typically you can't buy a fixer upper with an FHA loan because they require the property to be in good functional safe condition for someone to live in.