Planning to rent spare rooms to family/friends, and move out after a year or so and having it run as a LTR or MTR hybrid While still searching within Nashville Metro area, my realtor exposed me to Ashland City.....small town 30min away from Nashville and Clarksville.

Bottom line is that it works out well with my conservative numbers on paper, and I've got the spare cash for the investment... worst case scenario I'm on the hook for PITI with awful tenants who don't pay rent, but even then it's a pretty landlord friendly state and my other rentals will cover the costs, so it's not the worst in the world.

And for the spare space I’m hacking can I put an ad looking for a roommate, and get a partial rent since I in the Navy and spend a lot of time on a ship. 

First, if you have no other options, I don't see a problem using your HELOC if the cash flow from your investment will service your HELOC payment and leave you some cash to spare.  

My last renovation took me six months because I worked on it in my spare time, which I don't have a lot of.

You can get to know the property as you live in and rent out the spare rooms.

I'd like to purchase a rental in the Knoxville TN area, but I don't have spare time to maintain the property myself.

Or, there are lenders who will concede to a STR 20% down payment if the underwriting looks good and you have some reserves to spare.

I  am paying 23500 for a 90000 house plus almost 10000 closing costs I have about 40000 to spare but the property will bring in 15000 a year after payments and taxes in Scranton pa does it make sense to go for this thank you 

Spare me the BS whether it is legal or not.