I would advise you that if you really want to do this, you need to find someone experienced you can work with on a few deals first.So maybe your first step is to find a home run deal that will make an experienced investor want to jump in with you.

You seem like a pro so I'm sure you will be good to go in no time ;-) Like Ellis mentioned GREAT advise so far on this thread.

Its overwhelming.I would love some advise on how to best move through all this data and on to good purchase leads.

Most HELOC's are variable rate financing and terms cap around 15 or 20 years.Rather than ask us what is advisable, why don't you learn what makes a deal for you, establish some criteria for your own and decide if having rentals is a good investment model or perhaps another mode (buy/sell, lending, wholesaling, etc.).I'm always leery when people ask others to make their decisions or provide only generalized info.

I would also search the forums on "Yellow Letters" and you will see examples and advise on the niche you are targeting.

Also, by informing your neighbor of the leak and the potential need for their drain line to be replaced as well even though it isn't leaking, if it does leak in the near future and causes water damage to your property I would think it would strengthen your case for damages (but I'm not a lawyer and cannot give legal advise).

Others have given great advise for next time.

I'd advise not doing anything like that, since the seller is in bankruptcy they can't just sell you the house, it needs to go through the atty or you could screw up their entire bankruptcy plan.

Sure enough, some time later one of the old seller's attorneys had a lien for which the lender's title company advised me that, if I did not pay, they would, then go after me!

I advise everyone I mentor and on my website, get out of debt first: If you are overleveraged, you're not going to make good decisions.