In that case using the equity for short periods is different than borrowing for a down payment on a long term purchase.Where in MA?

Here is the rest of the info in case it matters.

If the property opens up to investors tomorrow and I make a bid, will they hold that for a certain period of time before they determine who had the highest bid?

Either get cash flow or I get appreciation.In markets that have had long periods of appreciation (even with a few dips over the years) people are more comfortable delaying their pay-offs.

The vast majority of newbies fail in a short period of time.

If you are just funding a hold period then other financing makes more sense (lower up front costs being a clue).If you are holding they you also have to consider dropping the price or offering other incentives to move the property quicker.

One is a 15 yr. mortgage and is never going to cashflow but I just sold off an adjacent building lot for $45,000 and will hold the rest (2 houses) for at least 5 years.

At the very least get the kitchen, a bath, a bedroom and some living space nice enough to live in while working on the rest.

All those junior lienors have a redemption period where they can buy the property from the previous winner to protect their interest.

I am already in my extension period but I am still no closer to closing on this than I was a couple of weeks ago.I do have some options.