We will totally rehab the interior of the lower level too and then stucco everything to make it look attractive. 

There is a long winding driveway that leads to the garages in the rear with stairs that go up to the living level and actual FRONT door.The issue is that there is parking next to the house and direct access to the BACK door without using stairs which is what most people have done/will do.

The lower the Cap rate the stronger the investment grade aka Walgreens/ Target A class ( upper 5's at the moment ) tenants etc...

"Let's put in a lower offer and see what he says.

I flip lower priced homes, as well as buy and hold so I'm curious if there are any strong rental neighborhoods you can recommend with homes with ARV's in the ballpark of 60-80K? 

I would then take out a HELOC to leverage the equity she has built up over the years (current value of the home is about $800k) for a down payment on an investment property or two.I was recently advised that putting the house in a trust, rather than adding my name to the deed, and putting myself as a beneficiary would be smart for estate planning purposes and give me access to commercial loan options as well as residential.However, I want to know if there is a major difference between the amount I would qualify for on the HELOC if I were to apply as a Trust or as an individual.I would assume either way the bank would be looking at my income to debt ratio and make a judgment that way.I appreciate the feedback!

Have your tried getting 20 year fix that may lower the interest rate?

More Renters than Homehomwers for me = Bad.That means generally lower class of neighborhood, more competition for tenants. 

If you have never been there, you have to go through a Marine security check point to access the city

Well, it would be good time to get DEMO quotes and see if the city will give you a demo permit to do it yourself (they may want to test for lead.asbestos but even there you could just subcontract that part) and do the rest yourself if you have access to equipment and disposal facilityAS for what to do with this land, it seems you can put 8 units on it cottage style?