See if those can be covered for utilities.7.  

Out of that voucher amount, they will have a utility and appliance work sheet that provides a cost for each utility or appliance not provided by a landlord for each bedroom size.

Utilize financial analysis and market research to make informed investment decisions.

To estimate expenses, consider setting aside a percentage for management fees, plus costs for cleaning and utilities.

Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum.

Does this strategy utilizing HELOC really work on saving money and paying off mortgages much quicker?  

if you are going to do things like include utilities, or have an off street parking spot, other amenities etc, there's no reason in my mind you couldn't "charge a premium" for a premium unit/service. 

My thinking is that by renting to a residential care facility I can effectively utilize all the space, earn above market rent, and help provide a needed service, while avoiding tenant parking jams. 

Here are the key numbers:Potential purchase price: Mid-$400k rangeAppraised value: Estimated at ~$500kRehabbed comparable properties (comps): ~$580-600kMonthly PITI (with 5% down, including mortgage insurance): ~$3400First-year PITI (with 2-1 buydown): ~$2900Monthly income (after taxes): ~4-5kLiving expenses (utilities, groceries, etc.): ~$1600Savings available: ~15-20% of the purchase priceCash to close: ~$34kRehab estimate: ~$34kRemaining reserves: ~$20-25kTo fully fund the rehab, I’d need to come up with an additional ~$15k in the short term, which I anticipate paying back quickly once the rental portion is generating income.

I'm passionate about real estate and how utilizing this asset class can enable me to build generational wealth and retire early.