Seems like if I purchase one of these, I am at risk to lose 2 cash flowing units.

There are two people living in the unit, one has signed, the other hasn't. 

HELOCS can go from 80% - 90% total LTV (loan to value) depending on the bank or credit union.I would recommend shopping for a small unit that doesn't need too much rehab.

Investment Info:Large multi-family (5+ units) buy & hold investment.

When they are "fully" funded, I may stop adding to them and put that money back into reinvestment accounts to buy additional assets. 

For example:Co-op has 100 units and an outstanding underlying mortgage of $20,000,000 ($200,000 per unit allocated).

At least 3-6 months of reserves.Expect to lose probably 2 months of rents when you close, 1 month vacancy, 1 month leasing fee, and to spend 1-2k to make the unit rent ready. 

In Washington state right off the I 5 corridor .. my land partner got into contract for 65k ( infill lot that could handle a duplex or two units) put it on the MLS ( which is how you get top dollar) sold in 3 days multiple offers for 110k netted us 100k so 35k net profit .. which I have a formula to split with the acquisition partner. ( PS its always more to them than me) but bottom line if you can fill your pipeline its easily a low 6 figure to mid to high 6 figure when you have a capital partner like myself.. or someone else.. does take a fair amount of capital though usually 500k to 1 mil in cash to make that kind of money so thats where we come in.

Partnered with the original investor on an empty lot already zoned for 50 manufactured homes and an area for storage units, etc.

Investment Info:Large multi-family (5+ units) buy & hold investment.