Jeff Phillips comes down to risk.If you take a HELOC and something we’re to happen and you could not pay then you lose your primary residenceIf you get a regular loan and you cannot pay your not paying on that 2nd home and they take that but not your primary residenceCheck with an accountant as well as I believe with the new tax law you cannot deduct a heloc if it is not used to improve your primary residence

My in laws whole family is from the New Orleans-kenner area.

@William Shea If you're interested in being a landlord, the single most important thing you can do is to study up on the WILDLY tenant-friendly laws in this state.  

Or does it skirt the law? 

I'd recommend discussing the risks with an attorney and at the very least having a plan in place to deal with the worst issues that could arise with leasing your primary residence short term.Be sure to provide proper notice (probably 1 month in advance of the lease end date, but check your state laws about proper notice) for them to leave and it would be a good idea for you to have a neighbor check to confirm they are moving out in the days prior to your returning.

Just got a quote from the RE agents recommended law firm and I’m looking at nearly 3500 in closing costs, more than half of which go to the attorneys office!

It's certainly not legal here in MA, but I don't know OK law on the topic.If that was all there were to it, I'd say that's a risk you take in wholesaling. 

Hello Danielle,I recommend checking state tax laws first before accepting a short term lease. 

Under this federal law any financing arrangement requires the purchaser of an owner occupied dwelling (one to four living units) is to qualify for any financing contract with a registered Mortgage Loan Originator.

I would contact an Atty in your area The laws for this sort of thing is not cut and dry Your condo association may actually be liable to repair the drywall part https://www.google.com/amp/s/amp.news-press.com/amp/87653272