I'm trying to figure out a way to utilize a large storage building at one of my MTR listings in Memphis.

We've had to deal with each of those aspects at one time or another. 

At one point I talked to my financially advisor and he said that it would be smart for me to open a HELOC on the property, but not draw from it, except in the case of emergencies.  

I do own two triplexes in Scranton, and I will say the one issue is that you are going to be taking care of the utilities normally if they are not on separate meters, which could take a good amount of money away from your overall cash flow. 

Is $107k your true net, or do you have any other expenses (mortgage, taxes, lodging taxes and fees, insurance, utilities, landscaping, WiFi, etc.)?

Also pet rent is now capped at $25/month.Thank you for the update, I believe the security deposit for leases signed after October 1, 2024 is maxed at one month (including any pet deposits which must be refundable).

I don’t have a problem paying a couple grand to remove some of the just figure it out stage of learning and utilizing expertise of people that already do it. 

If it's the difference between $1800 and $2200 but you have to cover utilities too, not worth it. 

I have to front a ton of capital.2.

The canceling tenant remains responsible for rent, utilities, and other charges until a replacement takes over.