If I remember correctly, there is a provision for properties with Fannie and Freddie loans to be moved to single-member LLCs after 12 months of seasoning if the only member of the LLC is the owner/borrower on the loan. 

The only item I would suggest is double check the payment terms of the your HELOC... in particular, can you pay interest only or are you required to pay a portion of principle each month on the amount utilized.

I suggest 6 months of expenses to keep in cash.

It took new construction costs from $800-2500 down to $325 / SF and instead of 2 years it can be done in 8-12 months (design, permits, fabrication, shipping, and erection) depending on how much homeowners customized the standard plans. 

Hi Kyle,I am relocating to Phoenix in a few months for work and am looking to House Hack into my first rental property.

It is a fairly signinificant set up fee and monthly charge. 

Happy to be of service.

Were they all completed within the same 12-month period, or did it take longer?

You mentioned gross rents of $3400 per month and Principle/Interest/Tax/Insurance of $2500 per month. 

In the last couple months, the zoning has changed for my home, and the lot is now classified as RM1 (low-density multifamily), and I have learned that I can build 3+ units, and don't need to include any off street parking.