We do have a back up plan incase the assumption falls through as we are preapproved upto the amount of the home.

I’m looking as well.

Are you planning to scale?  

I also plan on moving the master bedroom (currently upstairs) to the other ground floor bedroom, and making the upstairs bedroom a "guest room."

We have our house rules mentioned in our listing, as well that the guests must sign a rental agreement also.Knock on wood, so far no issues.Mike

Rates are hight right now and if your primary residents has a great rate the HELOC normally is the smarter play as long as your have repayment plan that allows you to risen and repeat.  

I'd recommend looking at larger deals and talk to lenders that work in the space in general. we do smaller tracts of infill land downtown but most of those are also better off by going vertical as well depending on the street they have frontage on. 

There is money in buying raw land and getting it permitted for build with plans and flipping it shovel ready 

My wife and I plan on buying another property at the end of this year and will probably move that property into the LLC or Trust as well.

You will still have to pay someone to live somewhere anyway so you may as well build equity at the same time and as a backup plan, sell the property if you are not going to be able to rent it out.