I would draw up something that reinstates the lease with specific wording that previous terms are in place and that any future lease break would be handled as a new and separate issue unless you want to re-instate as M2M. 

While it will depend on your specific HELOC terms, some HELOCs have an interest-only draw period, meaning if you pay interest for 10 years (or whatever the draw period is), you never actually pay down the principal.So, if i was in your shoes, I'd first check traditional mortgage rates vs HELOC rates. 

The bank gives you a limit based on your equity and you can draw on the money as needed.

Borrower agrees to pay to the order of Lender under this Promissory Note (this “Note”), for each and every draw taken hereunder, a fee equal to THREE PERCENT (3%) of the total amount of the amount actually drawn.

Title company insures the closing, they don't handle construction draws or pay the buyer.

That puts me at a 130k draw on the HELOC but turns that 130k into cash flow within 2-3 months depending on contractors. 

And the neighborhood will be cleaned up instead of drawing in vagrants.Overtime, the owner will either develop  a relationship of trust with you in which you can arrange a purchase, or at least help her prepare a will. 

@Alecia Bolton We used Darin Mangum out of UT to draw up docs for our first Fund.

I find it a good thing to do as I learn the best "patter" and I learn what folks are looking for, what the market will bare, what about my rental draws people etc etc.   

It doesn’t have a “fixed” interest rates since it’s more about winning your interest as a “prize” for drawing lucky numbers, the more you deposit the more numbers you can play, increasing chances of winning interest.