Is this all handled by the PMS and then routed to the guest by whoever is the primary host?

Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). 

At minimum, stage the living room and primary bedroom to give it some warmth.That said, have you thought about cutting bait and putting your money into a market where the numbers actually work?

We own 10 homes, but all the rest are traditional leases and are also close to our primary home in the Lake Norman area (all w/in 30m).

Will you be keeping or selling your current primary?

This is an investment property of the seller, not their primary residence.

The spacious primary suite features a private full bath with double vanity, while the flexible layout provides options for bedrooms, an office, or hobby spaces.

I got approved for a HELOAN on my primary property but not sure if I should take the loan to just use as “leverage/reserves” to show the HML and get funded.

In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.

So I'm understanding this correctly, did you do a cash out refi on your primary residence then took that money and paid off the rental in Dallas.