HELOCs are usually variable rate and there may be yearly fees associated with maintaining the HELOC.

I was just thinking today there was all this excitement about VA loan assumptions there for a while when interest rates started going up. 

@Jonathan Bombaci recommend using that amount as a bargaining chip for lower rates.80% of evictions are wash, rinse, repeat. 

When they pay out a claim, the money comes out of their pocket.

Most seller's in a sub-to don't understand the risk they are taking and most lenders have concerns over the overall portfolio quality ratings which has an impact on their cost of funds.

For further context, we are trying to have him be the name on the loan because he would be able to utilize his first time home buyer loan to take advantage of the lowered offered interest rate.

Once you start stacking more and more property loans into your personal name, it can bleed into your personal credit worthiness.This bit me in the butt when I wanted to refinance my own house when rates were in the 2% range.  

This alone is a significant factor in premiums going up (even when rates remain stable).  

I would also question how the house gained 55k in equity, or ~24% in 2 years when interest rates rose and demand fell.

If you could do it differently, owner occupied is easiest to get a HELOC on and has the lowest interest rates.