It is why my approach is to use cash and to have the HELOC as a safety net since I can transfer the funds immediately via the internet. 

We estimate having about $100k in equity, $72k remaining mortgage ($375/mo) and an estimated value of $170k+, granted, in this insane market.Comps in our area are renting for $1500+ per month (we’re within walking distance of a university and booming downtown area).I feel like we’re in a great position to convert to a rental and leverage our equity but I’m not sure how to approach the conversion of our current home and acquisition of our next.

I can’t complain, my rent roll approached 1mil and I net about 700k.  

We are taking a Wealth Protection approach in this economy. 

You can do a delayed financing approach. 

There's a few approaches:1.

Speaking at least for my company, we have exclusive listing agreements, so if you want to buy a business we represent, you have to work through us - even if you approach the seller directly. 

Any other concerns with this approach I should know about? 

I need advice on how to approach this ownership transition.

From there, at your discretion, you'll have a lot more confidence in approaching deals since you'll get your own eyes on the area.