@Joe Lui the letter should be fine and typically certified mail is better in these scenarios to ensure it is delivered or at least a tracking #.  

Factor the worst case in every investment and you should be on track to make the HELOC work in your favor. 

The line in your original post "I'm a first time investor" would cause me to recommend you not taking on a project of this magnitude until you have some experience.This could work out great or it could be a huge money pit.

I missed a house selling in Natomas for $200k in a $500k neighborhood and all it needed was 50k in updates and that loss lit fire under me to contract work out for faster turn around times.

Great to see when thing work out despite the obstacles that present themselves in the investor world.

If you only have one exit strategy and it doesn't work out, you might be in trouble.BRRRR out into another one, if you can't, flip and use the capital for the next one. 

Learn how to conduct and track split tests, write compelling copy, how to use headlines and CTA's on your creative that will improve conversions.Another big point is: Never spend a dollar you can't track the results of.Our conversions started going up very fast once we understood that being in real estate means you need to also be an expert at reaching people i.e. marketing/branding... this made the biggest difference in our business. 

It usually doesn't work out well...we  have purchased properties before to use as non-vrbo rentals that have been furnished (even with new furnishings) and it never fails that the tenant will ask to have "some of the furniture stay" and other be moved out. 

I would use your access to the MLS and deep search past Multi Unit sales back 20 to 30 years and approach them to see if you can work out owner financing to purchase if they are ready to sell.

He gives the strong impression that he wants to teach someone what he knows, and says he'll see if anything in this deal could work out for me.I'm an engineer, so I'm prone to analysis paralysis.