There is a single family home that was divided and one half has been rented and an ad on small "house" that has also been rented mostly long term.

Using a HELOC isn't a bad way to go as long as the numbers make sense. 

Coastal cities might give you long-term appreciation, while places like Lakeland or Ocala can deliver better cash flow right away.

At the end of the 5 or 7 years, if I keep the property that long, it's rinse, lather, and repeat. 

However, weighing your options and performing due diligence carefully based on your specific circumstances, the property's potential, and your long-term goals.

With that said, the income can still offset the cost of holding the property as a long-term investment.

I took a long break and I'm paying for it now LOL!!

Year long lease typically, with subletting allowed to offset summer months cost to tenant.I worked out some high-level math: Assuming there is a 6 bedroom single family house for sale for 800k, and I can rent for 6k/month.Financing: 350k cash, 450k loan @30yr, 3.8%.Assumptions: 7% vacancy/yr, $4000/yr repairs, $10k/yr property tax, $4k/yr insurance, 8% management fee+50% first month rent on new leaseMonth-to-month breakdown: Income: $6000 Vacancy, Mgmt fee, repair, taxes, insurance: $2300Loan PI: $2650I'd take home ~$1000/month. 

It is fine as long as you disclose in the listings that there will be other guests on the property.  

In addition, his point of view is that any attorney worth their salt can find a way to defeat an LLC, they aren’t the rock solid wall people think they are by a long shot.Again, this is what I was told, so please find the answers from an actual attorney.