You will also get a taste of property management and learn the ropes as far as tenant relations, contracts and screening.Another excellent strategy that I feel is the most powerful tool you can use in today's market is to purchase this home with an Assumable Loan! 

There may be a bank out there offering a LOC, but it will be at a low CLTV. 

I have made a few offers but nothing yet has stuck.  

Often, it's the transitioning neighborhoods that offer more potential appreciation.

@Alex Rollins, if you had a written contract with the seller has the seller offered you money to terminate the contract?

You may add income streams to the home by offering internet and tenants insurance, for instance.

If you're concerned about closing costs, you can place your offers requesting the seller to cover your costs.   

They offer free webinars pretty regularly so I recommend you check it out. https://www.baselane.com/

Shoot me an email.Kurt,I know this is an old post, but I'd like to get your expertise on being a HML if you're still offering it.  

I submitted my offer (722 with escalation to 731) against a 720k  offer.