You'd be selling it for about $200K more than you bought it for and that would be subject to capital gains if you haven't lived in it for the last 2-3/5 years. 

I am committed to learning, however, it is hard not to get overwhelmed while learning a new subject; so I would love any advice, please don't hesitate to reach out and talk with me!

You should be able to 1031 subject to its rules.

Visit your library, they probably have some really good books on the subject.

But you will buy a specific property, in a specific location, subject to local rules and regulations.

I'm new to RE too, but done my due diligence in reading on extend on the subject matter, and if I was the OP (still have not done my first deal), I would secure the deal, if its really such a great deal with 50k spread, in my mind I think he could get 15k wholesale deal to another investor and he does not have to do anything more than sell the contract, then after you have done a few of this and cash in your pocket, I would start with rehabs and rentals etc

Adam,Things are highly subjective to what / where / condition.

In general, the term employee means thatan individual is subject to the will and control of the employer inwhat and how to do work, and that the employer may dischargethe individual from work. Yes  No2.

This rule will make it more difficult to find a subject property, but you need to follow it when using the HELOC. 

But now, you have defeated the reason for doing the  Subject To and have become a lender to someone who probably doesn't qualify for bank financing.