Any suggestions, tips, advice, don't-do lists that you all can offer would be greatly appreciated.

Do your research and make a good business decision based off of that and hopefully build a strong business model for the future.I rarely have a keyboard in front of me and usually do short replies on my phone.  

I also have SFR's available for less than $50k, with rents between $1000 and $1400 but they go very fast.

Ok, thank you for replying so quickly.

Hey @Simcha Davidman  Thanks for the reply, I was taking that into account as well.  

Thanks for the reply Roy.

@Ramona Beyer,I agree with @Dani Beit-Or reply, the numbers make this a good deal, but however you have other due diligence that comes into effect to see if you should buy it (Location, Vacancy, type of tenants, etc) if you like what you diligence finds, then buy it.Now for your second question, i think determines what your interest rates are for you HELOC, if you would get better rates with a mortgage go with the refinance, also if your able to put some equity in the property you might look into a BRRRR methodCheers,Anthony

have my own source of funds so can close fast if needed.  

I do commercial only but learned some of these tips when I went to conference and talked with an older couple that had listed high end homes for 20 years.Good luck.     

Ned,Thanks for your reply and yes, maybe I'm over thinking this and I agree, I should definitely consult a lawyer, but I'm trying to gain as much knowledge as possible first before I make steps to pay for a lawyer.