I am not looking to take equity out against my house, and my other 2 rental properties are already going through a cash out refinance to pay for renovations of a fixer upper that I am buying.

In most cases, you'll need both the security deposit and the first month's rent, AND in a lot of cases (lender specific), the lease will need to be supported by the 1007/appraisal (even though Fannie says "Or").

The agent will prepare a commitment with requirements for closing including a deed from the party the insurer believes is authorized to sign the deed and any supporting docs they need to be comfortable in issuing a title policy to you w/o an exception for your concerns.

You could use a heloc to source and support down payment for the new purchase.  

This might be a workable scenario for me.Lack of experience would not kill this deal for us but it would depend on a few things.Usually the biggest challenge for newer investors is in the amount of equity you have available to infuse into the project.You need to have a cash down payment to secure financing.With 25% Down you would be in a multiple financing offer situation where we're just fighting to get best deal possible and batting off Wholesale Account Execs left and right.

I will cash buy as I don’t really like their financing and don’t want to deal with currency fluctuations causing my payment to change month to month. 

This starts with establishing your Why and deciding which side of the cash flow quadrant you want to be one, the left side as a employee or self employed individual still in the rat race, or the right side as an investor and business owner with systemic passive cash flow.

They didn't have access to BiggerPockets where they could learn how to calculate cash-on-cash, ROI, ROE, or print reports with colorful charts and graphs.Earn money.

I know in my state, we have to accept cash payments.

What would be the biggest challenges or hurdles to making it happen (e.g. infrastructure, safety, government support)?