The information contained in this post is not to be relied upon.

They do everything from apartments to mixed-use to self-storage.

either payoff debt like you said or invest in other asset class that's perhaps more CF generating than apartment complex such self-storage/industrial or MHP.

@Andrew Steffens the pool of buyers that have six figures of cash (you really need about $150k in cash to buy a $500k STR), have some subject matter expertise, AND want to self manage is even smaller. 

Promo rates can be as low as .99 for 6 - 24 months with no closing costs and if you still have this HELOC in two years refi again doing the same thing as most banks don't charge back application / appraisal / closing costs or have early prepayment penalties after the two year period anyway.

@Travis Biziorek: self management isn't something that we're willing to undertake. 

The first applicant made $4000/month.

If you choose to play with fire, that is your perogative.For your reference, here is a good primer.Here is the key paragraph:Rental discrimination is when a landlord or property manager treats an applicant differently based on the applicant’s inclusion in a protected class.

My strategy is less than a page and it contains mostly bullet points (not a lot of text). 

Quote from @Andrew Self: Previous apartment.