The seller would not accept any inspection contingencies.

In calling the selling realtor we learned that there was an accepted offer.

You make an offer and then the offer is countered or accepted and within the "due dilligence" deadline, you will have an inspection happen.

Also, how do I accept future section 8 applicants?

He said with a mentor he could have structured these deals better and he wouldn't have had years of break even cashflow.Using HELOCs seems to be a very accepted part of the BRRR strategy many use and I believe still advocated by Matt, so what lessons should have been learned?

It is an amazing deal yet only if the terms are acceptable to you as well. you need to know all of the terms with all of the possible exits that you might need in the future. 

Is the investor/flipper/rehabber going to make 50 offers a week on the MLS, sometimes getting offers $50k, $70k, $100k off list price accepted? 

In that example I wouldn't expect $75k to be the exact cost of repairs, just an acceptable ball park figure.

I recently made an offer on a condo and it was accepted and I still have only two days to review the HOA financial documents.

In some cases, once you take vacancy cost and association fees into account, it may not be possible to make an acceptable profit.Maintenance CostSome people choose condos due to the perception of low maintenance costs.