From a liability standpoint, putting the sale proceeds directly into your personal account, versus an owners draw, may pierce the corporate veil and open you to personal lawsuits should the buyer be upset about something after closing (and yes this happens, and no I am not supposed to talk about how I know).  

Very interesting how do they define HIC versus commercial ?  

Although in a Class C, in certain neighborhoods, someone unhappy that the kitchen cupboards having been repainted versus being newer melamine- I chalk up to the rent difference between that place and a more posh place.Just my 2 cents. 

You'll likely find B's in every direction, but I imagine your search would likely end up in South Knox or West Knox as the city/county line is closest to those areas versus campus.

if you can get a head of the game with preferably a "Loan Commitment" letter from a Bank/Lender versus a Pre-approval it can increase your chances on the offer being accepted.

This will increase your filing fees significantly versus just your normal personal return Depending on the level of personal services provided during the tenants stay you will report it as self employment income versus passive income.  

Rates are coming down right now and a cash out refinance offers additional benefits that a Heloc cannot not offer.Heloc cannot be used as an "Asset" or for PITI reserve requirements when buying another REI.Heloc is an open end mortgage aka debt obligation and can cause DTI issues.Heloc is in 2nd lien position which means you cannot borrower more until you pay off the Heloc.Cash out refinance offers a 30 year versus Heloc typically 15-20 year higher rate.

Hopefully, they can find a purchaser nationwide versus local so pricing is competitive and they get the best price/terms possible.  

@Nik Frid, again, this implies a rental versus rehabbing and flipping.  

Housing tenure choice — own versus rent — comes into play as well.