If you do not know the answer to that question for sure and don't have the means or intent to close on the property yourself, then you have no business making an offer on the property, taking her property off the market, and then hoping you can perhaps find another investor to pay more ... and if you can't, oh well, don't close ... not a sound way to run your business nor is it fair to the seller IMO. 

That would be considered mortgage fraud if you withhold information from your loan application with intent to obtain terms from the lender that were better than if they had known about your primary that you transferred into the land trust (LT).In truth, you will still be asked about the primary residence since you've already financed it in your personal name on the onset.

You cannot do a 1031 on a property that you purchased with the intent of reselling.  

I purchased a 1bd 1bath after moving from my parents home with the intention of renting it out.I figured it was in a decent part of town and my mortgage was not bad at all so I thought there would be some nice passive income.

@Benjamin CowlesI believe that would be a letter of intent, not an option.

Financial goals, health goals, personal goals, this seems to be a time of the year for introspection and good intention, and yet so few of those dreams are reached.

I am wishing that someone out there is not discouraged due to what I have wrote because that is not my intent. 

Over the phone, he seemed like a cool guy, but was unclear on his intentions for the property I was offering.

Your intent to perform as agreed, your ability to performs as agreed, is your contract valid or voidable, wholesalers generally have a voidable contract as they lack intent and ability to perform.

I'd like to take out another HELOC or home equity loan for the Newport, RI property for my next down payment, with the intent to live in and refurbish before I move again.Any thoughts about how I can pull it off?