After getting a good amount of equity in the house for future HELOC funding, I was going to move out of it and use the property as a rental utilizing a lease option, or, rent to own agreement. 

One catch is you have to be on a rental agreement or lease to use the 75% income option. 

@Sam TrightThe agreement with the lender most likely will forbid you from selling any part of the loan, and if you did those funds would be to pay off the loan.As an example if you had a note worth $30k and lender gave you $15k, if you sold a partial for $20k the lender would require you to pay off the loan.Also most partial agreements also explicitly state the loan is not leveraged.

Each tenant also signs a lease agreement for added security. 

Structure the agreement using tenants-in-common or joint tenancy, outline a co-ownership agreement, and consider financing options like co-signing the mortgage.

(this is called premium pricing)Keep in mind, if you refinance a house as owner occupied for the lower rates, you are signing a new 1 year occupancy agreement so you need to stay in that house 1 year post refi before you buy your next primary. 

Your lease agreement should include a clause that makes the cost of repairs up to a certain dollar amount to be covered by the tenant. 

In my area there is an occupancy after close agreement that we have signed.

The LLC would own the property, and you could outline each partner’s equity share and responsibilities in an Operating Agreement.

So to expand on the question...hypothetically...you have a 5/3 for rent...your tenants consist of 2 adults and 2 children....they sign the lease agreement...THEN...move in 2 (or more) adults...can you have verbiage in the lease agreement that the rent would then increase a set amount if other occupants (adults) move in...providing they pass the credit/background checks...