Everybody I have talked to says there is a 6-12 month season period before I can refinance and get my money from the heloc back out.

Think the Big Short movie.4.

Quote from @Monish Anand: I'm a fan of the low prices and my plan is to STR since I currently run a short term rental business.

That being said you can make that kind of money with fewer properties but you would need to do more intense work and higher risk Short Term Rentals, co-living, or Section 8.- My Strategy: I'd like to buy and hold residential rental properties.

So don't get discouraged with the short time frame. 

Stick to the numbers, period.

We have owned 14 SF rentals and 4 apartment complexes totaling near 1,000 units, and over 17 year period we have been sued exactly once.We had a 350lb resident that missed the bottom step of the staircase, fell and hurt himself. 

Short answer not worth it for this deal. 1.  

Next thing you know it's time for a short break and your free to go..lolThe bottom line is know what you are buying and look deep inside yourself to ask the hard questions: Will I not be able to eat or live if I buy this, will i do the hard work to make it work for me.

Primary Residence is taxed as short-term or long-term capital gains on sale and it may qualify for Sec 121 ExclusionIf you are classified as a Dealer you will pay ordinary income taxes on sale.