Depending on the zip code you might also check with Wells Fargo to see if they offer the down payment assistance grants in that area.Could be the buyer is just trying to save cash, so counter back with no closing costs.   

I like a HELOC for an emergency fund, as well. 

I think a strategy that would serve me well is one where I buy a 2 (or 3) bedroom house with 1.5+ bathrooms.

Lots of sensitivity to LTVs and Fico as well.

Depending on your experience you'll likely be somewhere between 75% - 90% of the purchase price and possible up to 92.5% if you have lots of experience as well as experience in the area.

Because of its proximity to the Common and downtown, it could easily get $200 a night in the off season, and $1,200 during September and October.Very long winded, but all that is to say, we’ve done a lot of planning and research, and now we’re exploring how to actually set this in motion.

This set back will eat up two years profit.

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\we have an oprotunity there to purchase multi unitr there and want to advice with someone that well familier with this area

Learn how to manage it well.