I have some upcoming repairs needed that outweigh the Homestead Exemption and plan to make my primary home a long term rental in the next 7 years but the repairs can’t wait.  

ThanksSuhaib I'd suggest finding a broker, they have alot of knowledge and have your best interests as a goal, insurance agents have their employers best interests as a goal.Insurance in CA will continue to increase, its lagging in inflation and all the fires are affecting it.Many homeowners are moving to self insured.The fair plan is asking for 1 billion in subsidies, purported to be funded by the carriers themselves, I have no doubt Ricardo Lara will make this happen.

I position my inspections as 'planning for future repairs/improvements' which mitigates that whole 'he's here to get my security deposit' mindset.And, I would rather have the tenant with me than to have him later claim that something was broken during the inspection.  

The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

It's usually best to talk with your neighbors about your plans and get their support as one of the variance tests is that the requested relief does not cause a public health issue or alter the essential character of the neighborhood.Try googling "tests for a variance in [your state]" and talk with your local zoning department.

@Olga DaiselI think we are lacking some key details of your plan.

We just acquired an existing duplex in Fort Lauderdale and planning on tearing it down and build a new duplex instead.

Instead of continuing to hire remediation contractors you should hire a hygenist to come in, do some testing and provide a remediation plan.

I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.