If not you can take out up to 100% Cash out where you might lose a low first rate but good news you can refinance in 12-24 months and lower the rate.Mortgage rates are getting better and will be back down in the next couple of years allowing you to refinance and recapture a lower rate if you take out cash now.

The total amount of all liens allowed under this part for furnishing labor, services, or material covered by any certain direct contract must not exceed the amount of the contract price fixed by the direct contract except as provided in subsection (3).

Both Fannie and Freddie are allowing transfers into LLCs these days. 

Make sure to have language allowing rents to go up to market rates.I would use a NNN lease. 

Many properties are zoned for 1 rental per 7 days and do not allow nightly rentals.

Is it allowed like that?

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But people vote for politicians that allow this so someone must like it....?

This will allow you to put down a 3-5% down payment, compared to 25% if you were to rent out both units.

What's the value of "equitable interest" and what are you allowed to do with it?