When you are running a business as a landlord things are typically black & white.

It seems too good to be true, it is essentially listed for $600k. 

So no matter how little work they put into this the numbers still don't add up for any typical investor.KH

@Eric Calabrese typically with an investment property, a conventional lender is going to want 25% down.

Essentially I need about $280,000 to make the deal fly.  

It is also a way to avoid any payment of commission that he would typically pay to the Agent at closing. 

It is the same as you owning it personally.For your accounting you will essentially have 2 loans, the portion borrowed for the HELOC and the new loan. 

@Ian Whiteman  80%-90% of purchase price plus 90%-100% of rehab as long as those two don't exceed 70% ARV is typical. 

Regarding HOA, I would introduce yourself to the management company and they typically have forms to fill out such as contact information and where to send the bills.Typically your closing agent on the closing statement has the first month paid for on HOA FeesAlso - confirm what utilities are included in the HOA costs

What @John Thedford suggested is what you would typically do in this scenario.