Before actively pursuing deals and talking to brokers you should already have in place a team of professionals (RE Attorney, REI focused CPA, Property Manager, Contractor, etc) that you can refer to as your investment team when talking to them.

The property was foreclosed on in 2010 and sold for 110k(bank wanted 206k HUD home listing); right now the bank re-forclosed on the 110k loan recently in Dec 2017!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Welcome to BP and RE!

If you can't pay the HELOC back by the end of the term, you may not have enough to refinance the property if you can't sell it and can't re-up the HELOC. 

My main focus due to my financial situation has been wholesaling strategies, but I want to expand into every avenue of RE Investing.

He agrees to an as is value of 225k and agrees to enter an agreement that he gets paid after the property is rehabbed and sold.

Re. airbnb potential in the HRM: i think well-managed airbnbs appeal to a certain set of people more than hotels do, and that many airbnbs are better-situated than many hotels - at a lower price. 

Even after expenses you will cash flow, and you can then re-invest that rental income

May need to have a convo with someone who knows RE tax who can help you in your particular situation.What I would recommend:Hire a CPA specializing in RE that will do more than file your tax return (but will also do your return).

It seems there are a lot of RE finance companies right now.