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.   

The answers to those will depend on the HELOC terms. 

A broker/agent representing a buyer needs to see things as a long term relationship and will  see if working together makes sense.

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. 

Hi Min, Can you share more details in regards to this purchase transaction? 

We couldn't quite move there full time in the near term, but a realistic gameplay would be at least 6 months per year within the next decade to take advantage of the tax incentives.

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.

Additionally, if you are looking to hold long term, having new construction is going to keep your repairs, maintenance and capex lower for quite a while, typically.  

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

There's a lot of details here, and it needs professional guidance.But there is a bigger underlying issue.