I make it back a few times a year to Rochester as I still have family there.

I think I answer this question once a month. google Huntsville Alabama and overbuilt and you'll get your answers 

It would be a tight budget but I do have money set aside for repairs.

I think $10k/mo is good money, other people live in expensive areas or have higher taxes and need $20k.

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?

Do I need 3 separate accounts 3.

Beware of people with “something to sell” stating how great their product is.

If you can get a better primary residential HELOC rate than you can a hard money bridge loan I would say yes.

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

Do I care about your pro forma 5 years out that makes all kinds of optimistic assumptions?