However, there are better options than $180 a month and $1000 for a WP site. 

If you cash flow $1K per month for 36 months, and then sell with the ability to pull back your original investment, would you consider that a win?

Happy to chat if you're still looking for options to add to your rolodex.  

This is the equivalent of a car salesman pitching the "monthly payment" of a car instead of the actual price of the car.

Go wtih what works - but intelligently.We offer a free month of rent, but to avoid desperate people, we credit 50% towards their 2nd month (to make sure they can afford 1st month rent + SD) and then credit the other 50% the 5th month.

This is from the BP rental calculator and is exactly what I'm wanting to see, just with extra payments each month. 

I have been able to find a couple of options for this setup though, they just require separate leases for each room and sometimes 2-3 months of rental receipts as well. 

Just make sure to run the numbers with the HELOC payment and the rent, so that you are not underwater every month.

@Hai Le - Usually you have to provide written notice / 30 day notice if you decide to not renew their lease or even just asking a tenant to leave.

I would like to purchase another property so I looked into a heloc and a cash out refinance and it looks like I would qualify for about 75000 max which would be enough to put a down payment on another property and rehab it, but I still haven’t paid myself back from the original property rehab.