You'll also want to set up criteria for residents.

Houfy now has a damage protection plan that costs the guests $5 a night and does light identity screening through SuperHog. 

But the manager's unit is really a 3000 sqft / 4 br / 2.5 ba SFR, and we live there as our primary residence. 

@Jennie Berger The RS-3 Zone allows for Single-Family residences & 2-Flats as "Permitted Uses"; however, the RS-3 Zone still requires 2,500 sq.ft. of lot area per unit (i.e. 5,000 sq.ft. for a 2-flat) unless the lot meets the exception for the characteristic of the block as previously mentioned by Nicolas; then it can be reduced to 1,500 sq.ft. per unit in order to construct a 2-flat.

I am in the Tampa Florida area and we in dire need of more LTRs for incoming residents. 

I completely agree with @Ashish Acharya's points about the cost-effectiveness of a HELOC and the potential credit implications if it’s secured by your primary residence.

Investment Info:Single-family residence buy & hold investment.

Investment Info:Single-family residence fix & flip investment.

That being said, there’s nothing wrong with investing in blue collar areas but I prefer to invest in the ones that have a higher degree of owner occupancy because the residents of those areas care about where they live and have deeper roots.  

You should be able to use departing residence income from the market rent when qualifying for a new primary purchase.