.- However, you mentioned you don't currently have the budget for an STR that meets your criteria.

However, as mentioned, it's more of a guideline than a strict rule.

Sure there are people who have done it but like Joe mentioned above is why your rate on HELOC is probably higher than your first mortgage so you'd only do it if your balance is really low and near the end of your term anyway so you're just getting it paid off quicker (like the last 1-3 years of payments left) becaues you want to get ride of the monthly payment and improve your cashflow now versus later.

As I mentioned earlier, based on other properties in the area, the price seems reasonable, plus it doesn't make sense for us to lower it even further (as it is at our mortgage). 

Neither document should mention the other--lease is a lease only, option to buy is only an option. 

As you mention the sponsor is last in many occasions when they should be the first thing reviewed.

I have learned a ton on these forums though I’m posting for the first time.what does not get mentioned enough is that if you want to scale slowly using low money down FHA/conventional loan approach and live in there for 1 year, at a time, you should not write off all the rental income on your most recent tax returns for the existing rental properties.

It’s not huge , it’s a single car garage if that helps  9' shuffleboard table would fit a single car garage nicely, but be sure to dress it up the rest of the garage as already mentioned.

But given the above mentioned laws, the soonest the tenant would be required to vacate would be 11/30/24.

Jesus only mentioned tithing to illustrate how hypocritical the Pharisees were but you can bet most preachers won’t preach it that  way .just like when you hear of the parable of the “ widows mite” preachers are quick to say it’s an example how we should do sacrificial giving down to the penny  like the old widow did when it was actually when understood in context as another example of Christ calling out the Pharisees and how they extort people !