I'm not to familiar with topic of condo conversions, looks like I'll have to do some homework. 2.

I don't find much on this topic on basic internet searches other than what appears to be scams.

kinda weird honestly as there have been a few discussion posts about delayed financing --- bp topics always come in groups...First, is there enough from your heloc to purchase the duplex in cash? 

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A couple of additional notes on the topic:- The property currently rents for $2k/month - I intend to raise the rent 2-3% if a year lease is signed- If I were to agree to a 6-month lease, they would move out mid-January (not ideal)I were to agree to the 6-month lease, what is an appropriate monthly increase for the shortened lease and unfortunate timing? 

There are lots of discussions on the topic. 

Have an agreement or contract drawn up outline terms, responsibilities, etc.

Responding to follow this thread as I would love to hear more about this same topic. 

Just like a simple document that outlines the deposit upfront and sale agreement.

It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/files 9.Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsGood luck investing and let me know if I can be of assistance.