I'm looking into a 1st Position Heloc for my rental property in CT.

Tax and Legal ConsiderationsUnderstand the tax implications and legal responsibilities associated with rental income.

If you plan to live there in the winters, you might have a hard time doing long term rental outside of that and finding a new tenant every summer.

On insurance side of things, there is a lot of variables.

For example, we need proof of renters insurance and proof they put electricity in their name.So, it seems odd that you are accepted but they keep wanting more information. 

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

With the right tax strategy, you can maximize deductions and reduce liabilities, while having the right insurance and reserves in place will protect you from unexpected costs.By Implementing a quarterly financial review to assess performance and make adjustments to avoid cash shortfalls.

Property taxes and insurance costs are best obtained through local county websites or reaching out to insurers directly for quotes specific to the area.Tools like BP Pro and Reventure can be helpful for an overview, but it’s a good idea to validate their data against primary sources to ensure accuracy.

I’d love to hear your thoughts:Are you seeing this same rental demand in your investments?

There will be no assessment for increase in taxes or insurance so remains at $1935.