Hello @Timothy Hilario,I think there are benefits to both strategies.If you move out of your apartment and rent it as a mid-term rental, you could see decent cashflow without pulling equity out of the unit.

I use this type of system in a ten unit that I own because the cost to submeter each one was cost prohibitive I usually don’t include other items like wifi/internet unless it’s a furnished/short term rental. 

At the average rent point of Columbus ($1837), I believe the 50% rule is aggressive and your expenses are likely to exceed 50%.https://www.neighborhoodscout.com/oh/columbus/real-estateThe long term appreciation (this century) is average (3.84%) for the US but good for Ohio. 

Quote from @Nathan Gesner: There were a couple experienced investors on the forums that loved to tell everyone they could manage a short-term rental in just five minutes a week. 

In terms of using BP - I highly recommend setting up some "keywords" in your settings so that you can get alerted to discussions that talk about "CPA" "Bookkeeper" or "Bookkeeping" and related terms!

. $200k fully financed with 8% heloc, 30 year term is $1468/month.  

So first thing I call them short term rentals.

call a few brokers and just see what their terms are.

However, there are other loans designed for fixer uppers referred to us hard money loans, bridge loans, or fix and flip loans but whatever you want to call them they're essentially short term, interest only loans with no prepayment penalties designed to finance a higher % of your purchase price and typically all of your renovations not to exceed a certain % of the ARV (typically 75% max). 

If there isnt a long term commitment where he takes you to collections and destroys your credit for quitting early, $700/mo invested in yourself will not bankrupt ya or matter much 5 or 20 years from now.