I love the area and wanted to keep it for myself if it did not sell.

Low acquisition price, medium investment cost.

You are essentially building a list with all the records they provide of owners who, based on the filters you add, might be interested in selling.

@Jason Mergl I would sell and then buy in the midwest.

Who are you going to sell these wholesale deals to if you do get one under?

The total cost of project is more than we can qualify for based on personal income, although our W2 income and credit score all work in our favor.

What's the cost?

Not only that but you are going to carry a Heloc in a 2nd lien position and you will not be able to pull out more cash unless you do a cash out refinance to pay off the previous Heloc and take out more cash.85% of the home owners who take out a Heloc refinance in 3-5 years so it makes more sense to simply do a COR and avoid the future closing costs.

I bet dollars to donuts you will look back in 10 - 20 years and wish you had kept that home.Why did you sell? 

I self manage 4 properties on my own and I don't think there is that much paperwork associated to bring in the cost of a VA.