To summarize your post, the math for a first lien HELOC makes sense as long as you're disciplined and committed to the strategy.

Showed a couple of youtube videos summarizing rich dad poor dad, then had the kids play the cashflow classic game online.

@Russ Mooneyhan, to answer your question, and summarize a lot of the responses below: No, there is no specific tactic that people use.  

To summarize, WSHFC is a non-profit dedicated to helping every Washingtonian own their own home, and this program allows us to take out a loan with 3% down, then get 4% down payment assistance so the cash required to close is super-minimal (as little as $6,000 in some cases, depends on the purchase price of the property though).This strategy works really well when you can combine it with house hacking.

But, that has nothing to do with legality...that has to do with a deed restriction enforced by the attorneys closing the deal.Now, for any REO contract that doesn't specifically include a deed restriction on the resale, there is no law being broken by purchasing and reselling the property, even when it's done at the same closing table.Now, let's summarize...You claimed it was "illegal" to wholesale REOs.

Summarize every conversation that isn't in writing and have dates.  

To summarize, I'd digest all the information, study the data and then access probabilities to each possible scenario, viewing it from the lens of your own beliefs.  

Great video, love the way it’s summarized.

First read all of the posts above and summarize what your take aways were.  

To summarize from his comment, there is often significant judgment required on many issues and it will involve different professionals such as attorneys and accountants, and perhaps many others, so you'll often need to work as a team.