TN is a "hybrid" state -- if you win the auction, you get a first lien on the property, and if it's not redeemed withing a year (all the past due taxes are paid in full) you automatically get a deed to the property. 

I would plan to live in the house, rent out what appears to be an ADU unit in the backyard.He says he "needs" cash within 2 weeks.   

Here's a breakdown of my current plan and aspirations:Current Situation:- I have $350K earmarked for real estate investment.- Currently renting an apartment in New York, but planning to relocate to Massachusetts with my wife.- Eyeing areas like Worcester, Shrewsbury, Grafton, and Millbury for a single-family house, priced around $500K, with a planned $100K down payment.

also you look at the comp plan  comprehensive zoning plan.  

I never lock any HELOC money into any project that I do not plan on getting my money back within 6 months.My HELOC is right around 9% as well and interest only.

I have a property that I'm currently living in but plan to turn into a rental once I buy a house in the next year.

@Stephanie LucianoIf you currently own a home and you don't plan on selling it or making it an investment property, this financing option wouldn't be available to you.

If you are serious about investing in other markets, I would absolutely plan a couple of trips that coincide with local meetups/REIA events for each market. 

This is definitely an expense I had not planned for.Christine

Thank you so much for the Response Alecia, I think it is important to add that i can use an FHA loan to get this home and do PLAN on living in one of the units since i still live at home as of now.This was great advice, i appreciate your time