It depends on where your location is, in downtown LA, you can't build anything under 150/sf.

Close the deal(through the title company or an attorney by way of double close or assigning the contract- it depends on the laws in your area) and collect your check.

I've considered it but have not executed.In regards to the heloc if I understand things correctly you will not be able to take out a heloc on a investment property but simply a loc or a blanket/commercial loan depending on the financial institution you decide to approach with the situation.

It all depends on the plan document and the fee schedule of the provider. 

From what I have read so far, it seems to vary as to how many months of reserves we need per property, depending on with whom we refi.

If you were to go that route, you could likely borrow the funds immediately (well within your 48 hour timeframe) after signing the loan documents, but this will depend on the actual documents which can vary from one provider to another.

Depending where you got them from, you have to be careful how you sell them.

Also, going forward, you can give the assignment contract to the title company or closing attorney and they will put you on the HUD and cut a check at closing depending on the state and company. 

Depending on the area it usually takes 1 week to 5 months to re-sell the property.  

It also depends on the type of rental you want to have: owners are more likely create problems for you, if you don't keep up your house or have bad tenants.