A survey and phase 1 will likely be required if you are getting debt, and smart to get those done either way just for peace of mind, but those will cost money as well. 

If you are looking into investment properties that you won't live in, there are certain loan types called DSCR (Debt Service Coverage Ratio) loans that do not use your income, employment history, or DTI to qualify for a loan. 

I have no debt.

I don’t see any problem....BK only affects debts incurred in the past...it has no effect on new debts.  

As long as you have access to 30-yr fixed rate debt you should take it.

Continue by calculating the yield on your $200k by taking the debt service out of the NOI ($107k minus debt service of $81k, assuming I/O at 4.5% on $1.8MM) and you are left with $26k of cash flow, which nets you a 13% return on your $200k investment. 

I also should be due for an increase in pay within the year which would make the HELOC less aggressive of a debt to income ratio.

Either way in your scenario you now have two houses and making 800 a month while paying down your debt (gaining equity) and also if the properties appreciate you gain that equity but in two instead of one.

The ReStore can be hit or miss, but when it's hit, it's great.

Would you offer cash for keys, or simply a forgiveness of debt?