If you have an issue with that, or are long distance, hiring a property manager is a must.

House hacking, short/mid-term rentals, co-living, sober living, or finding ways to add value are where the best opportunities are right now. 

It's also more affordable than Bergen County NJ, where we live now, and is still within driving distance (though it’s a bit of a trek).

HELOC= short term useFixed (first or second) = long term use like a down payment.  

These loans are short-term as you mentioned, typically 12 months, so you'll need to refinance before that balloon comes due.

If transferring the property to an LLC, be mindful of the due-on-sale clause, and note that an LLC itself does not offer tax savings unless electing S-Corp status, which is rare for rentals.To maximize tax benefits, consider cost segregation, bonus depreciation, and short-term rental (STR) strategies, which could allow you to offset W-2 income if structured properly.

In short, my experience has been great and I've already experienced some pretty profound shifts as a result.

Here's a short treatise by a title insurer:A deed in lieu of foreclosure is a deed given by the owner of mortgaged property to the holder of the mortgage or its designee where the mortgage is in default and foreclosure is a possibility.

i wish i had better news for you but it's probably not feasible in the short term to replace your W2 income with rental income. 

We have also addressed where we fell short and failed to follow through.