I would get inspections this time and compensate for that with a more attractive offer price.

Have you found attractive neighborhoods? 

I do have rental/investment properties in NYC/Buffalo, but wanted to expand into STR and i think Orlando/Kissimmee would be ideal due to it being a tourist hot spot attraction.

Also I neglected to mention the attractiveness of the deal you're proposing has a great deal to do with interest.

I’ve called numerous banks and found one that will do it but it’s an interest only HELOC.

While compliance regulations are too numerous, complicated and subjective to be listed here, the regulations cover origination (licensed loan originator unless the originator is a Federally regulated financial institution) and servicing.

Hey BP members,I'm a newbie investor looking to get started in the Albany Area/Capital Region of New York State.I currently live in a small town in Albany County that isn't really conducive to Buy and Hold Investing (houses that have been listed have been on the market for 100-300 days/not much job growth or attraction in the town).I was looking for an area in the Capital Region that would have solid job growth/diversification and get a good ROI.Any help would be appreciated.

I'd look into using that $20k as a down payment with a loan (or seller financing) to buy a better property and to attract a better quality tenant.

Not to mention since they are already going through Chapter 13 BK that means they already have multitude of payments on numerous assets in which they’re behind on, so relieving them of a monthly mortgage may be a huge weight lifted off their shoulders.

But i personally look to invest elsewhere even though we have footing in STL market.Not to say there aren't areas with upside, but if you are already from OOS, i would look in better markets, even if STL pricing seems attractive.