I would get the new tenant to apply and process it per your criteria.  

To Sum it up, its a good idea if you can exceed the cost of capital (higher rate than your cost of debt) with what you earn on your heloc/debt you pull out and invest.The question is how much gains above is enough to substantiate the risk of your variable interest rate, well thats up to your personal investing criteria.

Curious how this will play out in the courts (granted it's LTR) and affect pricing products used for STR such as PriceLabs (which I use but have to seriously manually adjust for very specific reasons).

Is there any specific area where you could use some support or advice?

You listed some of the benefits but you didn’t explain what you’re specifically trying to accomplish.

If you are looking to build connections specifically in the DFW metroplex I have been hosting a monthly meetup for the past 3 or so years, id love to connect and get you some more info! 

So don't let someone discourage you because their investing criteria is different than yours.As far as financing goes, there are options for financing if you have a plan for the property.  

Are there specific states or locations you’re looking for?

I’ve worked with a few tools for property intel, and while no service is 100% accurate, some options have stood out for specific use cases:BatchLeads: They offer a solid skip-tracing tool with good accuracy and detailed reports.

The committees have never said they'll require a specific form of evidence to show that you've rented the place for at least a couple of nights.