I passed because the terms just didn't cut it.

Or even the benefits/cons of that relationship being long term?

The answers to those will depend on the HELOC terms. 

Since you'll be looking for a house to live in (primary residence) you'll get better loan terms/interest rates than if you were buying it as an investment property.   

I’ll check out both articles you shared.How do Solo 401(k) and SDIRA benefit W2 individuals in terms of contribution limits, investment flexibility, and tax advantages, particularly with features like checkbook control and Roth contributions?

I would love to connect with people in Northern New Jersey that are utilizing the Medium Term Rental strategy locally; specifically furnished rooms that are being rented. 

As a model, Techvestor syndicates (uses investor funds) to acquire, fit-out and operate short-term rental properties for profit in select markets across the US. 

All other factors (applicable documentation, terms/interest rates, title, requirements) seem to usually be about the same.

Most often the terms specify that distributions are first paid to satisfy the preferred return and second they are paid to return capital, so the capital account would look like this:$100,000 starting balance$8,000 preferred return accrual($8,000) preferred return distribution$100,000 ending balanceIn year two, there is another $8,000 due, etc.But partnership agreements can be written however the parties agree, so the rules could be different and that would result in entirely different calculations and results.

Let the departing tenant know that she is on the hook for the terms of the lease until a new renter takes over.