A HELOC is secured against (in this case) the primary and can be utilized for either a proportion of the down payment or (if you have enough equity) the entire purchase price. 

@Shelly Rike MitchellHe is price shopping - you could also tell him he is responsible for termination and the remaining balance of the lease - take it or leave it.

Even if the units aren't completed you will get folks that will want to sign a lease due to location or price.

Hard Money will fund 90% of the purchase price and 100% of the rehab on a draw schedule.

With current prices and interest rates, you're not cash flowing with LTRs.

However, I suspect they need to be billed with some time to pay before they could claim they were "unpaid" and a reason to evict.

Purchase price: $225,500 Cash invested: $125,000 Sale price: $600,000 Mont Clare area of Montgomery County.

His reputation for this became so well known in New York commercial real estate circles that he was able to buy great properties at bargain prices very quickly; before others had a chance to bid up the price.  

Are there other issues besides the price?

When we did it, rates and prices were low enough (and rents were high enough) to still be in a cash flow positive position despite the higher mortgages.