Any heloc lenders you recommend that offer 10 year draw period and no annual fees?

Certain states the owners have a redemption period to buy the property back. 

I think you'll be able to make that 24 month live in period easily.  

@Isoke CraigBeside purchase price, there are other factors that make for a strong offer: Type of financing - convention or cash are better for a seller than FHA and VAEarnest Money - consider higher than 1% of purchase priceOption fee- higher the better - more incentive for the seller if you back outShort option period - I win offers with 3-5 days to inspectPurchase the title policyThe list goes on. 

Always have an inspection period in the contract.

No idea how long they have been on the market I drive periodically hoping to catch a neighbor outside to ask. 

Or when routine inspection (every 6-12 month) happen it should be obvious enough for the inspector to see if there is active termites, so my property manager can notify the company to come back during warranty period?

or is that cashflow over 4 month period?

i am calculating irr for 10 year period and after tax is 5.90% nd cap rate is 3.62% would you consider this too low? 

You would save money by getting a more desirable interest rate with a Cash-Out Refinance--- and spread the repayment over a longer period of time.