We're also starting to scour other forums for possible investments outside the traditional MLS sites, and other areas like upstate NY. 

However, we often facechallenges in sourcing suitable properties through traditional MLS listings.

STRs in Non-Traditional MarketsShort-term rentals in areas near universities or event venues are gaining popularity.

A traditional bank will not give a line of credit even if there is significant equity because it boils down to being able to pay back the money. 

You cannot have a traditional homeowners policy and a landlord policy on the same dwelling.

The challenge, as you’ve discovered, is that traditional HELOC lenders typically want the property titled in a personal name rather than an LLC.

Purchase Terms: Clearly outline the terms for your brother to purchase the property from you, including the timeline and price.To minimize the financial burden on your HELOC, refinance the property into a traditional mortgage as soon as possible.                                                                                           

Lenders will want to know if the property is generating income and if it qualifies for a DSCR loan or traditional financing.

Traditional residential home loan.How did you add value to the deal?

Each potential buyer has come to their own conclusion that it would be too much hassle and risk to manage in this fashion vs a traditional rental even though the average cap rate in our area has been half that at best.