I did have another thought which was to try to find a multi unit ASAP around 75k, maybe a distress sale that is already rented and try to live off the income and leverage that if things take too long with part 2.My wife is 'risk adverse' to put it mildly and is very nervous, I am too really.  

"Faith overcomes fear" thanks again Fitzgerald!

You will still be able to get a HELOC (although much smaller and after the 6 month wait period).The one challenge is, depending on where you are, it is sometimes tough to finance smaller mortgages (less than 50K), but working with local bankers is the key to overcoming this (it sounds like you have a banker that will work with you).

Couple of things.1) To overcome the all cash offers, try looking at hud deals (hudhomestore.com).

In every adversity contain the seed of an equal or greater benefit" -Napoleon Hill.

If you have been investing for a while, what were those barriers and how did you overcome them?

It's all about overcoming the New Investor Catch-22, which is that you can't get your first MFRE deal because brokers won't work with someone who has not closed an MFRE deal before.1.  

If you are risk adverse real estate, (especially out of state) is not for you.

I'd swung by the property that morning to see if it all looked similar, and tried to figure out the legal description, but was slightly guessing at that point.  2) impact of any adverse possession claims, I assumed the parking lot had been that way forever. 

My client mentioned the lawyer also did some research to ensure if they moved the disabled sibling from another state to Virginia in the future the medicaid benefits would not be adversely impacted.