However, we'd like to cancel the contract as interest rates have risen and it doesn't make financial sense anymore.

Depending on the rehab estimate from contractors, we would determine if it makes sense to fix it up first or just sell as is.

As for the HELOC, if you find a property that makes sense on the cash flow, then i don't see why you shouldn't go for it.

Common things that arise after settlement is a water bill being higher than the amount the title company escrowed, or a small miscalculation in daily interest or the such.

In rereading I sense his concern was with controling the number of plants but very quickly morphed to insurance. :( 

Just to see if its a common link.

Landlords that use the excuse that turn overs are too expensive usually are either paralysed with the fear of managing, very common of new landlords, or in the case of experienced landlords just too lazy to bother managing their tenants.

Is this even possible or common?

When we were priced out of the SFR market in our area, the Duplex market made more sense as a House-Hack opportunity.

That's a really common toilet issue and most people just jiggle the handle to fix it.