It's all about personal position and the ability to pivot. 

Maybe, at least in CA you get livescan fingerprinted as part of the process so, while it may not affect your ability to get your license the law may come find you. 

They figure they would rather pay a few months of interest with the funds sitting in their bank than lose their ability to have cash on hand right now.  

To what degree, if any, did the mother invest a deposit before signing the contract?

@Kenneth Kilgore - do you have the ability to do seller financing for the time period that you are in VA?

That will affect your ability to finance.http://tax1.co.monmouth.nj.us/cgi-bin/inf.cgihttp://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?

We have the ability to purchase the property with all cash, but would like to hear from those with short term rental experience on if you think it would be better to tie all cash in this one property,  or possibly take a HELOC for a portion to keep the liquid funds for a potential additional investment, should one come up. 

I am currently 23 years old and recently graduated from college with a Bachelors Degree in Business Management.

I think it definitely can be safer, but the specific degree of safety is going to be in how smart you are buying a property.

I am finishing my A.A degree and will take a semester off from school to figure out what I want to do.