Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

If you aren’t saving the money up to buy another property chances are nothing will pay a higher rate than paying it towards your mortgage.

Having read several books on the art of estimating over the years, I have found that most are good for a few tips that can help but for a newcomer to the rehab business can leave them on shaky ground. 

What is she doing now in terms of paying for housing? 

If you achieved this by paying all cash, then you are losing money. 

I could sometimes get in 5-7 days once a year for a vacation but I'd pay the price when I got back. 

Do they pay within 5 days of the first of the month (in some states that is not late)? 

I would only use the heloc if you plan on cashout refinancing one of the properties to pay it off once the rehab is complete. 

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.

You have to pay depreciation recapture and gains on the pro-rated time it was a rental.