It's effective interest is similar to Mezz-debt at current rates but a bit lower.   

That is an uncontrollable variable.

It's how I've maintained a perfect bond rating and managed my business with the CSLB>I've read many of your posts and am aware that you feel that you can decide when you want a permit or not  I would word it differently.  

You can find out nightly rates, occupancy and amenities.

I'd underwrite the property, with that low interest rate assumable mortgage, to cash flow positively from day 1 as a long-term rental, but be willing and able to use the rent by the room strategy or to rent out part of the property as a Short Term Rental to dramatically increase cash flow during my occupancy. 

They build, you do a standard FHA mortgage at closing once the home is completed. 

The amount of equity I call pull is less than the cash I have but not significantly less.When doing this analysis it struck me that it may not be worth using a HELOC for the simple fact that the interest rate is ~9%* while the funds in my high yield account are only yielding ~5%*.

We had to save up the 5% to get our first place with an 80/15 first and second mortgage.  

First thing I'd do is check comps to get an idea of the demand and rates you can charge for your condo as a MTR.

This is because the dwindling cash flow due to the increased rates has resulted in higher cap rates.