We are just lenders so its ordinary for us but my client has BIG UPS and this would be critical for him tax wise.

Interview Realtors & Choose wisely friends! 

That is an awfully hateful statement James Wise. 

This would likely require a written agreement and may have tax implications, so consulting with a tax professional is a wise step.Alternatively, you could consider purchasing the condo from her at a mutually agreed-upon price.

Any bidder can top your bid within 10 days of your "winning" bid, and the bid must be made in person at the county offices.You would be wise to learn more than the "basics" before bidding. 

If that isn't working out money wise you probably have other issues to address. 

We already own a home of our own and we're thinking of doing a Heloc in order to fund our first rental property and rent out our existing home but would that be wise?

Quote from @Bo Bond: It may be wise to consider the types of policies being discussed in this thread, as well as not confusing a busted water/sewer pipe with the property coverage known as "water/sewer backup coverage".#1.

Quote from @Charles Mcintire: @James Wise if I use a FHA loan don't I have to live in it for one year?  

If you do sell use the equity wisely, don't blow it.