It just depends on how the numbers work out, which in the current market climate is tough enough to find...

Flood insurance premiums will continue to rise, and flash floods in the hill country are becoming more frequent as climate change continues and urbanization increases. 

Climate change is coming for Florida in a big way and between beach erosion, sea level rise, and rising temperatures, I think more people will be looking to vacation north of Florida in the future.

Assuming this current climate.   

Taking into account climate change, the regulatory environment and future growth (population and real estate valuations), cities like Charlotte, Nashville, Chattanooga, Atlanta, Birmingham, etc etc should win handily against costal cities or the rust belt.Ultimately the best city to invest is the city you can invest in first and the most sustainably.  

No because people want different temperatures and have different climate control habits. 

We are also in a very warm climate so pipes outside is not uncommon.

We didn't end up exploring the HELOCs too deeply, especially since the variable rate (and current climate around interest rates) made us think the fixed rate on the cash out refi suited us best.

Very few renters will care about it being finished or insulated, particularly in a warm climate like California.

I just did the same thing on my primary/vacation rental and we have a similar climate.