Make it your business practice to post the notice to pay or quit precisely on the day after the grace period ends, every time.

Will you use the HELOC as a short-term bridge, or plan to hold it longer?

Anyone can do it just like anyone can flip a house or run a short-term rental.

@Paige Gardner HM is a great way to get started however understand that it is SHORT TERM FINANCING 6-18 months. 

Qualifying for a short-term rental to be non-passive doesn't give you REPS. 

So even if you miss a month of the higher rent, it will kick in after you satisfy the appropriate "notice period" or they of course have the option to terminate and leave.

Most of our newer investors approach 2-3 lenders to discuss loan options.Some lenders recommend making your financing inquiries within a 45-day time period to avoid larger drops in your credit scores.All the best!

There are only 2 ways, as I see it in the current market, to get actual income/cash flow from a rental property - a paid off long term/mid term property or a well bought short term or rent by the room rental.

Purchase price: $178,000 Cash invested: $10,000 primary home own use has an Airbnb/ short term rental 5 months out the year/sometime this year will try BRRRR

Yes trying to find info as well, offered 1031 and/or straight investment $s w 6 month min lockup period for a return in the 14s, seems too good(i know what they say, lol)