@Mike Howard Absolutely check with your attorney first, but I would see about doing a down payment or option to buy just do not under any circumstance call that money a security or rent deposit as it will fall under the security deposit guidelines.

This is my version of paralysis analysis & is main reason why I'm looking for a mentor and some advice/direction, lol.Most of the places I'm reaching out to the absentee owners about are neglected single family homes that I'd intend to rehab and relist should I find an owner with enough equity an inclined to sell at a price that fits within my system.

I am in agreement that I'd rather do it "right" than "cheap"- it seems that in just about any circumstance, cutting corners only hurts you in the end when you find that you've stepped over dollars to pick up dimes.

Or other situations where you had the intent to hold but circumstances changed and you had to change your intent in less than that time.You're starting off at a disadvantage because your main gig you want to be flips.  

And I know it is frustrating, but without knowing your unique circumstances nobody on this site can give you a definitive answer.

My question, given the circumstance is there a better option than a heloc I should be looking into for financing?

VA and FHA can go for DTIs north of 50% in some circumstances.

For reactionary or mechanical repairs to keep the home in habitable condition, hire a company that will react as you would under the same circumstance.    

Under normal circumstances most of the answers you have received are completely in line with what I would normally think BUT - as Paul Harvey would say,  "And that's the rest of the story".  

Wanting to know if you, as a landlord, have ever taken the "possible tenants" life circumstances into consideration?