You can save a nickel and dime on interest if you deposit your income to the heloc, but using it as emergency fund just doesn't sound safe at all.With today's low interest in mortgage, it's very easy to find other investment that will outperform the 3-5% interest range.

Bad scenario #1 is having a major capital expenditure once you move into your new houseBad scenario #2 is losing your job and having to live on no incomeReally bad scenario #3 is both happening at the same timeCataclysmic scenario #4 is both happening at the same time with no money because you spent your last dime on the house (also called bankruptcy)

Then sit back and hold your breath hoping he doesn't take a blow torch to your new investment and if he does, pony up a lot of money to sue him for the vandalism which while it may get you a judgment, won't get you a dime in your pocket or, maybe you play nice and offer him cash to leave it in broom swept condition.

One of my friends tells me "that's like handing somebody off the street $400 bucks a month to go live on your dime." 

Some call occasionally with no deals and comps that aren't even real comps, then I have to explain to them what MAO is and 70% minus repairs is the only way it works, and that buying a property for 80% of ARV before 1 dime of repairs, does NOT work.

I didn't pay one dime...for one class....not even a book from a so called "Guru".

I don't play games and nickel and dime people.

If that is the case clean the unit on their dime, don't call to switch it unless they are not on and you need it to clean.

You're never going to see one dime from the rent due on the lease.

Oh you've got the TV wanna be graduates that pay 80%-90% of ARV before one dime of rehab and that simply does NOT work.