HELOCs have a variable rate and function as a line of credit that allows draws, HELOANs are fixed rate and lump sum (very similar to a cash out refi, but it does NOT affect your existing mortgage). 

Wyoming working from it will be like oil in the dakotas/bakken, no one will live there full time still but do turn rotations to make sure the work is done.

I believe there is one in Portland, which functions as a "hotel", with 3 or 4 tiny houses on a commercial lot. 

We have a 2 bedroom house with a loft that can function as a third bedroom.  

You could theoretically create an LLC to provide property management functions on behalf of the 10 property portfolio and have a management contract between each property LLC and the management company where you will use management fees to cover the salary of the property managment staff member.

@Ferrode Joseph cashflow vs appreciation is really a function of the Property Class you target.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

Yet, we understand that you're likely tracking certain sales, which would be one of the function of an MLS if one existed, hence your use of the acronym.

The house's electrical system seems to be functioning properly, but given its age, we're wondering whether it would be beneficial to replace it entirely( I.e update the whole electrical system) My question is this: Would installing a new electrical system increase the value of the house and make it more appealing to potential buyers?

@Russell Bundy, highly recommend you use the search function, as there could be posts from all over with people talking about BAM.There is also an entire subforum of Syndication reviews.  

One model I’m seeing investors doing is the rent by the room strategy / padsplit.IF done right, you can turn a single family home to function like a multiplex - increasing the cash flow by double, even triple oftentimes.Has to be the right property of course / layout / characteristics to minimize drama and conflict between roommates / tenants since it’s a longer stay than STR and spaces are shared but with the right set up and systems in place in can be extremely effective and super profitable.You can easily switch from STR to MTR since it’s already furnished and just make a few tweaks.I can definitely help you put some ideas together or connect you with some investors I know doing it in Jacksonville FL.