Though Buildium has its limitations, its financial tracking is quite robust.

At one point I talked to my financially advisor and he said that it would be smart for me to open a HELOC on the property, but not draw from it, except in the case of emergencies.  

I believes that well-planned real estate investments can open the door to financial freedom and generational wealth.Welcome!

Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

Then assign points and notify the applicants of their standing?

Consider balancing liability protection with administrative costs, and consult with a CPA to align your structure with your financial and legal goals.This post does not create a CPA-Client relationship.

So, if you don't know how to build financial models, there are some available that are pretty good online (adventures in CRE is a great resource).  

We were in a financial position where we could keep our existing home, upgrade, and purchase another home.

For the lease, can you list the girlfriend as an occupant rather than a co-tenant since she won’t be a financially responsible party?

But everyone has their own unique financial situation, financial goals and risk tolerance.