If you used it to buy a rental property, however, the interest will be deductible because the money is being traced to an investment (your rental property).If you bought a rental property with your personal funds from the bank and drew money from a HELOC on your rental property and used it for personal purchases, the interest will not be deductible.

@John Kim there's a lot of truth in what @Greg Scott writes.We manage almost 700 doors, almost 100 of them being S8.The biggest mistake we see investors make is not understanding the Class of property they are investing in and not adjusting their ROI equations correspondingly.My manager Drew owns several rentals in the City of Detroit that we also manage.

Quote from @Drew Sygit: @Darius Kellar do you attend any of the local investor meetings?

Hey @Drew Gelinas - I'm not sure whether I understood your post properly, are you saying that someone reached out (who works for an insurance company) and wanted to rent out your STR for 6 months??

@Drew BealeYou can contact your independent insurance agent, and let them know you changed the property to a rental property. 

I drew up all the plans myself.

I drew up my very basic adu plan (size, location, layout) then hired a drafter familiar with house construction to do the rest. $55/hr. 

That is what drew me here to BiggerPockets.

It’s very easy to Monday morning quarterback.  

Quote from @Drew Sygit: @Patrick Flanagan all of the above, but networking seems to be the best.Thank you for taking the time to respond