There are times when a heloc plus a traditional mortgage makes sense and there are other times when its best not to take any loan the property itself dictates the structure in my opinion

But, "real life" is going to dictate that we move at some point, because we will be out of room in the house. 

That will dictate how much you can spend. 

IMO, I'd rather pay out of pocket if I have it rather than pay interest on it (I know people can argue this because you could use it for another deal) but those circumstances I'd think would dictate what route you choose?

I am currently looking into some military specific loans to see what I can be approved for and how that will dictate my budget.

I agree that I shouldn't let the best bang for my buck dictate where I move.

That's where other strategies dictate success.

The state laws/codes will dictate.

This BP analyzer is pretty superficial...If you are wondering if you should pull the trigger, you'd need to have a set investment criteria, and then we'd have to ask if the deal in question meets those criteria...this is a residential property valued by comparable sales...CAP is irrelevant entirely...Cash-on-cash merely puts your property on the same level playing field as other similar properties for the first year...it doesn't truly dictate a good deal.

The lease dictates that "the Tenant shall not allow any other person, other than Tenant's immediate family or transient relatives and friends who are guests of the Tenant, to use or occupy the Premises without first obtaining LL's written consent."