This would leave me with 225K of equity in the house and I would possibly be positive assuming the monthly payment on the HELOC is 2k to 2.5k a month since I charge 2.8k in rent.My goal is to keep this as rental property since I have my aunt and her family living in the house and I know they will be there for quite some time.

Most closing cost are charged by the lender in the form of origination fees and prepaid interest, taxes and insurance.

Find experts who in rural properties in that area to work with on this deal.Get a real estate agent who specializes in that type of property.Ask them to figure out how fast that type of property can sell these days,determine the market demand.Ask them would it make a good rental and how much could you charge for it comfortably.ask them to question the owner about their financing terms and how long they are willing to finance you.Have the agent remind the outgoing owner they can always sell the Note to investors if they get tired of carrying you.Do some more due diligence before you sign any papers.Good luck to you.

There is also a $300 annual charge for trash.What area of Philadelphia were you thinking of buying in?

you must come up with 10% closing (do they charge a premium here because they can?

It might be silly, but I have not opened up a business checking account because the minimum for the bank I want to use is $1,500 (anything under is charged a $10 per month fee for not having the minimum).   

If you deny an applicant or take any adverse action (i.e. charge higher security deposit, require co-signer, etc) based on information in their consumer credit file, then you should be sending them an adverse action letter which basically tells them what consumer reporting agency supplied the info you relied on, the contact info for that agency, and how they can get a free copy of their own credit report. 

Many times the broker is only there for compliance and isn't the person in charge of training.  

Hopefully I can find the trustee in charge of this.

Is it a family member not charging interest?