The unit is within blocks of Harvard University and a billion other universities are within a few miles.

Seems like an uphill battle and as Jay pointed out it would be a long, expensive process that tends to favor the seller (judges don't take forcing people to sell their property lightly).

Assuming 20% down and a 7.5% rate (which is about market) you'll go from 9-10% to 15-20%, nominally. 

I talked to my lender contact and, as Kerry mentioned above, it's pretty uncommon that a traditional lender would offer a HELOC product on an investment property (non-primary home). 

With a mortgage the borrower signs a Note and a mortgage creates a lien on the property to secure the debt which must be recorded in the public records to provide notice to third parties. 

It’s in pretty good shape at this point, rentable.I travel a lot for work, and a friend gave me the idea to do a short term rental as a one bedroom, locking all of my stuff in the other bedroom and office - I applied today and was denied because I don’t own both sides of my HPR, even though I have written permission from the owner of the other half….

Patricia,Thank you for a detailed and a very helpful response. 

He believes that area where he will be buying the new homes is going to appreciate and attract more MTRenters, but now, the big difference is that he would now have 3 properties that can go up (or potentially down) in value, go up (or down) in rent, and three times as many vacancies to fill.My back of the napkin assessment is that for only a drop in $200 a month in cash flow, he would control a lot more assets with growth potential and as rents rise over the coming years, the combined rents will increase to a total more than the single rent.HOWEVER.

I own a roofing company in Denver and a separate gutter company there too. 

If it is a fannie/freddie loan, it does require 2 years of seasoning and a new appraisal.