The goal of a HELOC is a quick line of credit to either refinance or sell and pay back the HELOC as soon as possible.PS - I would recommend taking a look into the Columbus Ohio market, there's tons of 1% rule deals still within the 120-180k price point with amazing appreciation potential.

I was recently exploring a two-story commercial building for sale on a corner in a growing downtown area.

Keep building, you’re on the right track!

I'd start shopping around for terms and building relationships sooner than later. 

Since you’re considering converting the upper unit into a short-term rental, you may also want to implement strict rules around smoking or strong odors in your house rules to avoid future issues.

The FHA rules/regs (in particular the FHA self-sufficiency test) are applied the same across all markets, and I know for a fact that in rural communities across the country, and big cities that are not particularly desirable places to live, it's not a deal-breaker, I am not commenting on those areas. 

I would love to build there.

I would like to purchase a 4 unit building in NKY in 2025.

I'm passionate about teaching real estate in underserved communities and helping others build wealth through knowledge.Looking Ahead: I’m seeking local and out of state investors, lenders, and professionals in the Atlanta area for STRs and MTRs, and in Birmingham, Phoenix, Columbus, Macon, and Augusta, GA for long-term rentals and small multifamily deals.Let’s connect if you share my vision for creating real estate that not only generates wealth but also builds lasting, positive change.

Though many investors bend the rules and possibly don't get caught, you have the financial situation to do it correctly.