Typically, the existing note from seller would have to be paid off through the construction loan. 

Off to the next one?

While the heater has electrical components and didn't work while our electric was off or rolling, the fireplace did and saved my pipes.   

You will just want to make sure the property cashflows well enough to pay the HELOC payment or you have an exit plan to pay off the HELOC. 

To piggyback off others, this is not a sound plan unless you explore house hacking opportunities.

The short plat process can be quite time consuming.We have worked with many real estate professionals over the years some great and others that were one offs.

As for OO requirement, it does have some upsides and ways to off-set the down.

This was an off-market deal that my wife found through networking.

When I read about the "listing" contracts offered to the original sellers in Missouri who started the lawsuit I about fell off my chair - I would sue too!

Since this isn’t a “fixer,” and you’re going the FHA route, you’d have to go out-of-pocket for the remodel/upgrades or get a construction loan based off the ARV, which is generally going to require 25-30% down unless you go with private money, which will have much higher interest.I see it’s pending, so maybe you got it under contract, but if not, I know you can find a good deal out there, even if it’s a smaller starting point.