Sure there are people who have done it but like Joe mentioned above is why your rate on HELOC is probably higher than your first mortgage so you'd only do it if your balance is really low and near the end of your term anyway so you're just getting it paid off quicker (like the last 1-3 years of payments left) becaues you want to get ride of the monthly payment and improve your cashflow now versus later.

You still may have to offer some up for the sake of getting the relationship started but don't negotiate against yourself. 

The other person is your investment partner in LLCPartners in LLC pay taxes based on operating agreement and % ownership (each partner gets a Schedule K-1 to report the income from LLC on personal tax return)@Nicholas Dutson more details needed on your property, what it's worth, etc to answer this.

They will pay $50 to get something off the internet because they do not want to pay pet rent.Ask them for proof of an ESA. 

About getting a loan?

Also what could I be getting myself into that I’m not thinking of or simply bypassing here..Who is expected to pay for this ordeal in this type of situation..and for what exactly?

@Kelsey Vander Meulen many get this wrong!

You can get a rehab loan through Fannie and that will probably be the best way to go about it. 

I am open to managing the group home myself or renting it to someone with a group home business.Any info on where to get started would be appreciated.

The first year you took bonus of $1,200 and then took $200 each year for the next 4 years to get the full write off of $2,000.