I'm using the scenario where you have another business or a source of income that generates more than enough cash to invest in rental property)@Jim Shepard - does this mean you typically take 15 year loans (or shorter) since you have another business that generates income?

In Colorado we have 60 days to return a deposit or notify a tenant of why we will not return the deposit (unless your lease had a shorter time frame). 

The tenant in the upstairs signed a shorter lease, as she was already looking to move out when we purchased the property.

We want to be within a 20-30 min bike ride to the beach or shorter.

Do so at your own risk of course.Clark students use a lot of off campus housing but my understanding is main st is the great abyss and students will stay north of main st at all costs bc of a shorter walk without a busy st to cross.

His point was that since the tenant already has a lease on the unit, having them sign a lease with a shorter term may not be giving something of value, and thus not consideration.

With such a long term it takes longer for the borrower's payments to make an impact on the principal balance so they do not improve their equity position which leaves the lender at risk longer than with a shorter term. 

You will definitely have a separate payment schedule for your HELOC on top of your existing loan, so expect the HELOC payments to be much higher since they tend to have shorter repayment periods.

The impact of payment is based from the terms of the loan perhaps a shorter term or lower interest.  

any rentals 30 days or shorter can take place only if the owner or permanent tenant stays in the house with the guest during the whole rental.