It's currently making roughly $77,300 in gross income for 2023 number with an uncompleted dirt backyard, if I add a nicer backyard with jacuzzi and more backyard activities It could potentially increase the rental income.One way to structure this deal better for use as a vacation home is to negotiate a longer balloon payment period with the owner.

Then they still have to pay you the balance owed when they refi after they created a nice spread on your now lower mortgage.4. 30% increase on your profit. 

Following this, both the Average Nightly Rate (ANR) and occupancy experience a slowdown until the beginning of February.February - Marked as the high season, February consistently stands out as one of the best months due to favorable weather conditions in Florida and colder climates elsewhere.

I've never understood 5% annual increases in rent. 

As people mentioned, the homeowner exemption is only if it is your primary residence, but it is a reduction to the taxes that you may not get and there is not an increased rate for you being out of state.

You'll see a continuing increase in 2024.

We brought this up to the agents attention and quickly dismiss it saying the sellers won’t accept to create a hole on the attic, that the house is buy as it is (this was never in the terms to begin with) We offered to pay for the handy man to close the hole afterwards too & nothing. mind you, it’s not a cheap home, it’s not for closure home, seems to be in decent conditions.

The key difference is that you can massivly increase the asset value, but increasing NOI.

I invest heavily in Detroit and evictions are 3-4 months on average (was faster pre-COVID).Property taxes are high on a percentage basis but increases are capped at the rate of inflation with a max annual increase of 5%. 

One way you could use the HELOC would be to put cosmetic rehabs on your primary, increase the value and do a cash-out refinance.