While I don’t yet have personal experience with a HELOC, I’ve thought about this one for my self many times.

Are there any cost-effective ways to handle this situation legally?

Now I'm not gonna be Mr Tour-guide for any/all who want to stop out and just look around but if you go through the steps and are serious, we have built out acquisition strategy HECK-YEAH I'm gonna say come-on-out and we'd carve out some time to do market tours together AND I'd equip you to do some self study/exploration. 

If want passive just buy stocks or class A lower leverage multifamily which is easy to self manage. 

Hey David, ADU's can be really cost effective and great return on your investment.

you need to own the land or have more experience. make 100 calls to land developers nationally. use linkedin and get some experience for a month. this is a self taught business. very specialized. 

To answer your question (that wasn’t actually aimed at me) my concerns are investing in an area that I’m completely new to and building an out of state team that will be effective. 

Although the percentage of the increase is large, the determinative factors are whether the resulting rent is so great as to shock the conscience of a reasonable person and was effected for the purpose of compelling the tenant to vacate."

I am looking to speak to some people that are knowledgeable about the self-storage market in the Memphis area. 

I am thinking about purchasing land for the intention of using it as a RV & Boat Self Storage.