Based on that estimator, with the current purchase price the property tax would be 3x of what is currently being paid. 

Unless my assessment of your situation is wrong based on what you've provided, you will be required to utilize Schedule E, and cannot classify this under Schedule C. 

Every state and country are different though which is why it’s important to talk directly to them to figure out their methodology and the anticipated taxes based on your purchase price. 

I don’t have any credit card debt but I have several other bills that are like utilities that are getting past due and I am literally flat broke.

To sum up the risks to the seller; the seller remains liable on a note which is secured by real estate they no longer own; the property sale has violated the due on sale clause of the mortgage or deed of trust and the note can be accelerated by the lender; the seller’s credit capacity is impaired because he has debt with no offsetting property equity.  

Based on those numbers I would almost certainly sell. 

Negotiate terms with sellers based on your findings and financial analysis, and seek assistance from legal and financial experts to finalize the purchase agreement, financing, and closing process.Having a strong property management plan is crucial, whether you decide to oversee it yourself or enlist the help of a professional company.

Don't get me wrong, I love HELOCs, and I have used it to grow, but I have liquid asset NOT tied to debt for reserves.

It is going to be a DSCR loan (debt service coverage ratio).

Invest based on your goals and resources, make sure you study everything before investing.