There is an unfinished basement, which based on a little research, I believe I can turn into another unit and possibly increase cash flow by another $600 at least.

I believe you can do much better with your 15k down payment. 

Yes I believe I can get a HELOC, I will ask a local bank and see if I can get a good rate on one.

My husband has been an avid BP follower (lurker) and honestly, I have been so reluctant to believe that we could invest in real estate.

A quick overview of the property:The home was built in 1813, and looks to have some additions built throughout the yearsThe units are side by sideOil heatNo ACSeptic TankPublic WaterRental income of $2800 per month combinedOffer Price: $265K (based on expectations that the home will need all new windows and one new oil tank)We just had our home inspection today and learned that there are some framing issues in both the attic (supporting the roof) and the basement.

Equity in a property is actually buying cash flow which is not the same thing as a property that is generating positive cash flow.Investors trick themselves into believing they have positive cash flow by throwing cash at a investment.

There are 12 units I believe.

The market up here is and has been pretty hot, even with the oil price downturn.

Yes I believe TD Bank and Penn Fed both do it but the rates are higher than owner occupied so you'll have to live with that. 

I believe I have 3 solid exit strategies (thank you Josh and Brandon from BP).