question 2is this something we can draw up ourselves in a sufficient way for closing--the note and the mortgage?

If you have sufficient equity to pay off the HELOC and have a nice chunk left over then you've increased your purchasing power and only raised your monthly debt obligations a little, or perhaps you even lowered it when you factor in the HELOC payment.

The property doesn't pass the FHA Self Sufficiency Test.

Lenders want to know that they will get their money back, so the more prepared you are and the more that you can prove to them that you will still have a sufficient income after you seperate the higher your chances of being approved.

This metric helps answer the question if the return on capital invested in the project is sufficient to overcome a project’s initial cost.This is beneficial to look at in development deals and value-add acquisitions.The formula:NOI / Total Project CostWhat’s a good Y.O.C.?

Do the tenants still have sufficient notice, given that the notice was posted on their door, and I can see it was taken down?

However, I have bought several buildings built prior to 1910, so I have some experience with your situation.I think the first question you should ask the agent/seller is when was the last time the building was sufficiently updated(plumbing, hvac, electric, etc).

They have 'peel/stick' glue on back--should be sufficient if installed on a new, clean underlayment. 

My overarching objective is to accumulate sufficient capital, with the ultimate aim of engaging in buy-and-hold strategies.

It it NOT sufficient to mail this notice.