Now . . the house is 'vacant' except for me - camped out in the living room (bed on floor, small table and lamp) while I complete some upgrades and find a tenant. 

Title company needs to NOT list any exceptions to lender's title insurance coverage related to what the wholesaler is doing.

I am in Texas in northwest Dallas County and not not have a lot of inesting experience except for one I did for myself.  

@Hector Ayala, according to this earlier thread, you can (but don't try for a 5-plex or larger):- https://www.biggerpockets.com/forums/432/topics/37...Loan criteria doesn't look too much different from (Non-VA) FHA-Approved Loans, except you might not even have to come up with 3.5% deposit.

This is how MOST HELOCs work so there could be exceptions to it.  

Let's say there is the identical property in Phoenix AZ, same 1550 SF, same composite roof, same stucco exterior, except that rent is $1000/mo because it is in Phoenix.

.$1,575/month or $2,175 when we move out and rent our apt.Expenses: Tenents pay all utilities except garbage.Insurance: $923.44 or $86.87/moGarbage: $40/moProperty Taxes: $236/moMortgage: $687.48Repairs & Maint: 12% since it's old, so $189/moVacancy: 5%, it's in a quiet neighborhood with great schools, so $79/moCapex: 5%, $79.$1,397.35Repairs:The roof looks good from the street, however it's about 15-20 years old so I expect to replace in 5 years or so. 

If you can and look up CA's probate code (if this property is near you), find out & look-up the probate case# to see what is happening (will, trust, intestate..) some places have set rules for minimum private bids executor can except etc.... search BP for Rick H. the probate guys post.

He gave me a Jan-June 2016 rent roll (not certified), he showed the best 2 units and said they were all like that except for the tenant who has been there for 10 years as they haven't updated that one, he filled the last 2 of the 3 vacant units so it would be 95% occupied when I bought it, he was going to take care of the brick work in the back (seemed minor from a glance), and that he was selling this because his wife was pregnant and they were buying a house.  

Each one is going to require many years of cultivating relationships, beating the pavement, digging through basements (except the doctor which is digging through body parts), saving every penny and driving a beater to slowly get making real money.