I see people buying in the multi-unit space (5+ units) that are buying turnkey properties at a 6 cap and paying 6.75% interest with the loans they get.

Lenders also want to know that the property will bring in enough money to pay back the loan.

If you're paying on time they don't care if Santa Claus owns the house."

No problem going the extra mile. 

Can he keep showing the place and when  he get someone else ready to pay and move in, can he cancel the section 8 process? 

But when I add in the cost of paying on the HELOC as well, it gets even farther from penciling.

My guess is yes in which case, get a copy of the document and let the family pay the back rent. 

Are you planning on it being a super quick flip and don't want to pay the rates on a bridge loan?

I'm sure you will gain some interest from potential investors then maybe they can supply you with the down payments and you can pay them back over time and you could buy more per year.From what I know, business is a slow game and from what I hear, successful Real Estate Investing can be boring.

Costs can vary widely, but you might expect to pay anywhere from $10,000 to $25,000 for a comprehensive PPM (Private Placement Memorandum), Operating Agreement, and Subscription Agreement.