For example, most anywhere will get $700 room, $75 fixed rate utilities, $700 deposit, and then offer a 36 months, 12 month, or month to month lease ($350 fee if ending lease <90 days). 

Steps to takeReview the contract: Understand the terms of the agreement, including the notice period and any termination fees.

Charge a fee for the ESA.

I would also give her x amount of days to move but let her know you will have to charge a prorated fee per day after that to move for occupying both units. 

We are pet friendly and have some zeroscape backyards and have wording like "We are pet friendly with a fee, but please note although backyard is fenced there is no grass and certain areas contain crushed shell which could hurt your pets feet". 

Let’s say with your plan they make an extra $100 or $200 in fees and you lose $1000 or $2,000 in bookings.

It is also important to consider the transactional fees associated with originating the HELOC, whether an appraisal is required etc.

Gaining a risk-free property, with a long-term resident there to pay down your fees, etc, with a property management company in place to hold your hand along the way and making sure your property is kept up with. 

Or would it be minus realty fees and closing costs as well?

This requires consistent oversight and experience, which most investors simply don’t have.The Bottom LineIf you want to lose money and risk expensive legal fees, go ahead and self-manage.