Assuming her references check out, if she were applying to your property, would you accept or reject her based on the above information?

My 2 cents. 5% applied to a property with 100% equity = 5% applied to the same property with no equity = 5% applied to the same property with equity somewhere between 0 - 100%.5% applied to higher total property value > 5% applied to a lower total property valueCompounding through leverage increases total property value.So yes, you're correct when you say "math ...works".Have high enough cash flow with or without leverage, and vacancies, etc...are covered.

I've never applied for a HELOC before, but have 2 questions:1. 

I'm currently searching for any employment where I can apply this newfound passion and learn from someone more experienced than myself. 

I could elaborate for hours but it could just end up being gibberish not being applied.  

If your property does not already have a curb cut you will have to go to the city and apply to have a curb cut with a garage on the ground floor.

The walk through runs about $150, which is what it cost me in East Meadow, and would be applied to expeditor fees if you hire him do the paperwork, plans, and more than likely, prepare for public hearings when variances are applied for. 

Should we reserve the equity for EMD and rehab costs while applying for loans through bank/lenders to cover purchase price?

There is a line on the Pennsylvania Association of realtors Agreement of Sale that says unless stated otherwise it is split 1% and 1%, but if you agree differently with whomever you are under contract with, you would fill out that section and then that is what would apply. 

I was almost able to close a delayed financing loan with them (to get my cash back out from a cash purchase without having to wait any seasoning period), but it ended up not going through since the cash I used to fund the property came from a partnership, and I was applying for the delayed financing in my personal name (doing this to get lower rates, then will deed the property over to the partnership's LLC).