Not a true "Clevelander" but about 30 minutes south.

The property is in decent shape so not much rehab to be done, it is off market for personal reasons that I cannot disclose but makes perfect sense.zestimate - which I know might be off - shows between 1.25 and 1.5 so its safe to assume a 1.2 sale price.property has gorgeous characteristics and might even make an excellent AirBNB so I am still trying to somehow make this deal work.Any help? 

What is the reason you are looking to buy 5% over the market? 

There's no two year requirement for a 1031, but it's true that you cannot do a 1031 exchange on the house flip.The property must be intended to be held as an investment for a qualify for an exchange.

I'd suggest you understand the differences between lending and equity positions and follow the tried and true methods of partnerships, joint ventures etc.

I understand Cleveland has some of the best and biggest hospitals in the nation but after reading statistics from Furnished Finder it seems like the demand of traveling nurses does not reflect the current growth and magnitude of the healthcare industry in the area for whatever reason.

Looks like I may be a little low for other reasons as well. 

I think many thought rates would go back to 2-3% and people now realize that will not happen - thus we will start to see more inventory increase especially in areas where insurance costs have skyrocketed This is especially true outside some cities (bay area/NYC/Miami/LA).

The plan would be to then refinance shortly after to pay off the HELOC and secure a traditional loan.Based on your experience, do you think this approach is a reasonable way to proceed?

This is SO TRUE in the land space and many other r/e spaces for that matter.