The other option was to partner with a builder on a new construction home.

If the property you are looking at doesn’t have off street parking, are there free options nearby?

As Sasha said, it's only an option if your child is disabled.

They will automatically receive their signed copy once they complete.Another option is to hire a property manager who can handle the under writing of the lease and addendum.

I would love to connect to talk through some options for this client and others. 

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

I also have a partner with a full time job and great credit score as well, so maybe my best option would be to include him and have him apply for the mortgage.

Larger multi families (3-5 units) aren’t as numerous, but they still exist and can be great opportunities if numbers make sense for you.

@James Bakun, A simultaneous exchange is the only other option other than what @Melanie P. laid out. 

In that case, have you considered the option of using the HELOC to purchase the home & make renovations - while then renting it out for the time being, instead of worrying about renting out your current home (with flood concerns)?