The encouraging investment mantra is just spin.If you value the old Protestant work ethic you should favor taxing it fairly.

The only issue I see here is if for some reason it doesn't pass the test post-rehab, I will then have wasted a considerable amount of money as the liability/ethical issues surrounding its rental or sale would be too great to assume.Any advice here is greatly appreciated!

Do not question my ethics.

Out of principle, we don't use credit cards.

Do you make a distinction between mobile and manufactured, or are they more or less governed by the same principles?

The HELOC pmt would be approx $800/mo so you'd net $400/mo cash flow + principle pay down. 

To be clear, the pay off is the principle balance plus any accrued interest and fees, etc. if the loan is behind. 

I am currently using a spreadsheet, which is ok for regular payments but it gets problematic with late payments, NSF, extra principle, etc.Has anyone found software that is beneficial to DYI lenders?

I am sure there are, but Attorneys, generally, are ethically limited in their ability to reach out to prospective clients.

Trust me on this: you will always be able to tell professional workmanship.This same principle applies to most labor, whether it’s replacing a foundation or painting a wall.