The complex used to be a low end motel until it was converted into a kind of short term apartment complex.

If it's worth less than 115k your only option is to buy it through a short sale. 

I would call, be extremely brief, explain you'll be following up with an email shortly, say goodbye, and then press send.

Ron S,  I am RE broker, with experience in short sales, familiar with Los Angeles rent control, reap, code violations, I am a Licensed General Contractor,  I can bring an offer to any asset manager, but I have no experience with REO, If i get a listing today, i would not know what is the process.

Short term financing for flip or permanent financing for rental?

Your gated community most likely has regulations regarding short term rentals.

Las Vegas Nevada - Very close to CA so I can either drive or fly short distance- No income tax- Can be maybe used for vacation rental- Low Property Taxes*** Worry is economy is heavily based on casino/hotel so if there is a downturn in the economy potentially have a lot of vacant properties in the area due to laid off/less tourist/etc *** Slight concern that I have is that I look at number of renters/landlord ratios (is it owner occupied or for investment?).

There is a significant difference in yield rates on a short term CD and a savings account, sometimes up to a 50x difference. 

They may charge you a higher interest rate than a bank and are usually short term lenders so you might have to refinance it after 6 or 12 months so you can find a long term lender or just sell it. 

Long story short, your HELOC is going to carry a 6%+ interest rate to start with and most likely will climb from there.