And I have a HELOC I can utilize to make my first deal.

They are literally desperate and counting on Joe to close (a realtor offered to list it but Joe said he was a cash buyer and no fees and fast closing).  30 days later Joe is asking for an extension and a price drop but there isn't room. 

I would structure as a 12 month deal with (2) extensions. 

Seeking information on utilizing IRA Money to fund Real Estate. 

Just plan to clean up and fix up for utility (and possible storage).

You could also consider a clause in the offer, but I don't know what you'll realistically be able to get.Are all of the utilities split and the responsibility of the tenants?

After that they take the lease and set up any utilities in their name.

Property Info:Purchase price: $100,000Estimated Rehab budget: $25,000ARV: $180,000Profit Before Costs: $55,000Extra Fees on the buy side:Closing Costs on the buy of an estimated 3.5% = $3,500No realtor needed for the buy = 0TOTAL: $3,500Hard Money lending detail: 115k loan @ 12.99% for 4 months w/ origin fee & draw fees3.9% Origin fee on loan of 115,000: $4,500 (rounded up)12.99% Interest Rate for 4 months: $5,000 (rounded up)Draw Fees: $1,250Misc Fees (appraisal/commitment/inspection): $1,000TOTAL: $11,750Holding Costs (insurance, utilities, lawncare, taxes): $250/moTOTAL: $2,000Selling Costs: Closing Costs Estimated at 3.5% of ARV: $6,300Buyers Agent Commission of 3%: $5,400Other Misc Expenses: $1,000TOTAL: $12,700Summary+55,000 Profit before fees-   3,500 Closing Costs on the buy- 11,750 HML Costs-   2,000 Holding Costs- 12,700 Selling Costs--------------------------------+  25,050 Profit after all fees are deductedDid I miss anything here?!

Extensive experience with this group. 

For most it would involve extensive reading of web sites like this and books.