At a minimum,  you should understand what the current zoning is and what restrictions there are.As the post above mentioned reaching out or going in person to speak with the planning and zoning department will be very helpful. 

While I don’t yet have personal experience with a HELOC, I’ve thought about this one for my self many times.

I currently have an STR in the Poconos and I would recommend if you ever pick a home here to consider style. 

There is no universal right or wrong, it's personal, it should be a strategy that enhances your life not takes away from it.

Hiring a lawyer sounds expensive, but it is way cheaper than hiring a amateur (in this case yourself) who costs you money and provides no results (and then you need to hire a professional anyway).My personal philosophy is to "do it right, or do it twice" and its way cheaper to do it right once. 

DesireeI have seen this same exact thing in Memphis TN in properties located near the University of Memphis so my personal opinion is to stay away unless you can still buy the property where the numbers make sense.

Financial Highlights•Acquisition Price: $72,000•Renovation Costs: $35,600•Total Investment: $107,600•Funds: raised from personal savings and private lenderHow did you add value to the deal?

So rather than just market suddenly for 60 days when a property opens up, you're developing your personal brand all the time.

Quote from @Dustin Tucker: I'm going to go out on a limb, and say the dumb money keeps buying treasuries like they are going out of style, which continues to push the rate lower. 

I’ve only had 1 person look at it.