Any listed property that claims it would cashflow is likely in rough condition in a tough area.

In a highly competitive tourist market like New Orleans, I update my photos weekly. 

There are surely STR Facebook groups for this location.

Like you said we have been saving upwards of 60% of our W2 income and business cashflow in order to do this.  

Here is my Cliff Notes on this elaborate example:If you have unused losses from the past, they might significantly soften the tax blow from a profitable sale.I don't see how this is called "strategic play" or "premium lemonade."

I've been at this a while and have over 70% equity in my combined portfolio, and I'm over 50 years of age, so I don't look at creative financing options. 

It sounds like they covered 1/2 the upgrade.

Is this considered a HELOC? 

I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?

It sounds like your question is what is the conventional guideline on using these rents to qualify ?