In either case, using hard money or a HELOC you're still putting yourself at risk for a loss so make sure you run the numbers properly. 

But just a matter of staying aware of what's going on and properly approaching s situation when it arises.What an exciting endeavor.Nate

Liability can be an issue but with proper disclosure (which you'll learn if you pursue) you will be fine.

If despite your proper planning a large gain develops in an account where you didn't expect it--well, if the account is self directed you still decide whether or not to realize the gain and unexpected gains are among the most pleasant problems you can have.

As an out of state owner, I need someone who can ensure that this transaction is completed properly, and can advise me along the way.My buyer is also in need of an attorney for their part of the transaction.   

Just like any tenant the proper screening is required, a lot of times I have my leasing agent find a reason to visit their existing property. 

I hope it's in Collierville or East Memphis proper.  

You might try making your purchase offer on a place contingent on having the roof be properly repaired prior to purchase.

If we get it under contract, get all the proper paperwork with him filled out, he transfers the deed and puts a lien on the property, can we turn and sell the property to another buyer as an owner carry?

It's actually the superstition and lack of proper information that's driving the worst of the epidemic in Africa.