Other potential issues:1) Did you check the zoning to confirm you can build a duplex?

What have you confirmed with the city?

Yes it is ready to go, but they will have to start a new listing, hopefully move the current reservations over and start getting new reviews.I have to assume that the $150k net is because your mortgage is either gone or much lower than what you would ask.

Some will lend to you with no experience but that are not going to give you their best terms/rates and will usually want you to give them 6-12mos of reserves. 

Also if you use OPM that match shows up in your account as reserves for lenders.

If you're able to save up one year of reserves for your property, do you take anything you make after that and put it in savings (for other new property opportunities) or just keep building up that property's reserve? 

Have you received a confirmation of your application?

Tenant states she has applied with United Way but hasn't shown any confirmation and of late will not provide a status update.

@Jacob Duyon you can draw on the Heloc to put a chunk of money in your reserves account (ask your lender what the reserve requirement is) AND use your Heloc for the down payment as long as the monthly payment for your Heloc works with your DTI after doing both.

Side note: there are other deals were you can get stronger COCRoi with less of your money and still have reserves for emergency.