It also automatically charges a late fee if they try to pay after the 3rd of each month.

Sellers automatically assume that you know more about the property than they do, so therefore it must be worth more than the price you are offering.

I might make an exception if there is a a good explanation or if they have guaranteed income (section 8 etc), no evictions for last seven years.

I have no capital since the purchase of my home, but i want to speed things up.I’m planning to do a HELOC on my property sometime early quarter next year, so i can rehab my parents house.What do you guys think of this?

Worry about step one first ,,not step seven 

.), then the government will automatically charge you a 10% penalty.

Not an automatic disqualification, but definitely gets more scrutiny.

I would consider opening a vanguard mutual fund account and just leaking say $100 month there automatically forever.

Cash up front can be a sign of trouble, but is not automatically trouble.

Other direction, actually, I'd rather over-pay (& I do in fact overpay, relative to market) and know that I'm getting a stellar high level of service, communication, speed, smoothness, etc.