Use the HELOC on cash-generating opportunities like flips, then use the cash generated to buy long-term buy and hold investments. 

As a rental strategy for non owner occupants, it absolutely is a fantastic way to generate the highest return, that's true.....but also, and most importantly, your screening has to be on point, and without that, it won't be as effective because one bad roommate can ruin the environment for the other roommate tenants. 

With a 7% interest rate and high HOA fees, the key is evaluating if your skills and investments can generate higher returns elsewhere.

I can provide support of checking in on contractors, staging rental properties, walk potential leads to give you an idea of the property in person or what the area is like, meeting with agents, and drafting scope of work for projects. 

This was critical for me since I wanted the code generation for the guests to be fully automated.

But I would be passing up on a big promotion that could lead to significant increase in income. 

How many contacts/leads are resulting from this?

I’ll be prepared to start generating leads of borrowers.  

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

If the land is in a suitable location, this could open up opportunities for developing 2 homes or even selling off one of the lots, which could lead to a good profit.