So, on the one hand it would add value/increase our equity perhaps enabling us to get a HELOC and eliminate PMI.

It takes a lot to get past the attitude that willingness, a downpayment and credit should enable (entitle) one to buy rental real estate. 

Once they leave, you re-enable the alarm or delete that temp code.  

Usually, the advantages of being licensed or officially permitted enables you to do more business unencumbered.

We were able to live for "free" which enabled us to put together money to remodel both units without tapping into much credit - which had the effect of rents increasing from 600 to 1200 in the other unit.

It will probably not impact your score, unless (like many of these sorts of things), it's a well-disguised bankruptcy enabling/counseling service.

Keep the arcade for the gamers and have free Wi-fi so all the kids can text their parents about how much fun they're having and why they should keep paying the exorbitant fees required to make my idea fly.

Served the tenant that was enabling with a eviction as well and they stoped immediately.

What you would get out of it is knowledge and experience, enabling you to have more confidence in starting your own wholesaling buisness.

Normally wholesalers will have some sort of "out clause" that will enable them to cancel the contract if they can't get their "partners approval" or if it doesn't "pass inspection" within a certain number of days.