get the heloc on your present home in place  first   so you have it to use  as needed ..the payment from the HELOC  wont  be  included in  dti ratios  unless there is a balance outstanding ……..also  get yourself  pre approved for the  financing for the purchase of the next property  using the  hypothetical  purchase price / loan amt  you want to target and  also with using the  potential HELOC  payment in the mix  to make sure  all is OK for  approval

I agree that an in law wouldn't be the same as a duplex for appraisal, but your comment about it not being legal is inaccurate IMO.

I want to absorb as much knowledge as I can, from like-minded individuals, to become the best investor/agent that I can be.Thank you to everyone here on these forums, whether posters or commenters, all of your words and your advice, truly, does not fall on deaf ears. 

I haven't read every reply but I echo Chris C's comments. $750 in HIckory Hill, run my friend, run away. 

Also, please DO NOT worry about the seller's situation to comment on it; she does NOT care to do anything else, including short sale, other than just letting the house go foreclosed.

Are there templates online that would allow me to put something together, which I could then present to a lawyer? 

I put offers in within minutes of going live and presented my financial prequalifications.

I plan to go thru a hard money lender but can present an offer to the realtor for as is.... because it needs some work.

So I am not able to be physically presents most of the time.

Regardless of your present regulations banks may be extremely hesitant to value based on STR income and will fall back on the most conservative estimates.