Going off of what @James Wise mentioned, no way of landing a Euclid double today for $78k on the market. 

@James Dean-Howell I'm not sure about you're first question, but regarding your second question on whether you were being reasonable or not, I'd say it depends on if you were up front with her from the beginning about being an investor and the possibility of submitting low-ball offers.

James, I would talk it over with your lender but here is a possible route you could take - Use your HELOC for the purchase/repairs of the property and when finished, get financing on the property.

I appreciate the info James, thank you!

@James Wise Wow thanks.

Update on the property in Memphis: We went there on Sunday and came back next day on Monday.On Sunday we drove around, talked with neighbors, hired the neighbor cleaning up the yard and cut the grass, found a realtor's sign on the next block, called him and he became our agent.On Monday we went to the City for the hearing (the house was in code violation), extended the grace period from the City, hired anther landscaper we found in Burger King (saw his truck on the parking lot and asked the first guy we thought was the landscaper).

@Fong Lee @Jordan Moorhead is the king of these strategies.

Thanks @James Wise! 

As James said, at first it felt like throwing money away, but in an expensive location if you cannot find a cash flowing property and you purchase, you are essentially banking on appreciation only to turn a profit (unless you flip your residence - that is my one caveat).

@James De Stefano - We run a regular meeting every month with lots of content.