Alternatively, you can try to get a private money loan or ask the seller to finance a portion to reduce the down payment, but typically equity is the preferred method when you need funds for a down payment.

Hi Everyone, I'm excited to be starting on this new path to financial freedom.  I live in Bay Area and am interested in NC (triad region) for buy-and-hold (rental) because that's where my extended family resides and B...

What should my next step should I try to get it under contract?

There's a couple things to consider when trying the different methods of real estate investing (buy and hold, flipping, note investing, etc.) 

I was away for a military school when I stumbled upon a YouTube video by BiggerPockets where I learned about the BRRRR method!

Or if they don’t have the money to take care of a serious problem that could end up costing you a lot of money, you may want to step in and take care of the situation to protect your asset because, at the end of the day, it is still your asset until they exercise their option to buy it.

I'll scrap that method then. 

I'd have about 150k in pre-tax proceeds (same if used for 1031 transfer) from closing or 130k post tax if I sell regular method.

I found a property for $84,900, after finding a property what is the next official step to wholesale this property?  

You do Not need the heloc to do this, it just makes two steps out of one.