These lines of credit generally have 1-2 year renewal periods and require you to send the bank your tax returns and possibly personal financial statement on an annual basis.In my experience "HELOCs" are associated with your primary residence. 

I'm coming to the conclusion that while there's a lot of naive and desperate renters out there, there are also a whole bunch of folks looking for "that deal" (who isn't??)

Self directed IRA keep in mind you need to liquidate the assets at 72 and half years old to pay taxes on minimum required distributions. 3.

I invest using BRRRR and what I've seen lately as the biggest obstacle to that strategy, has been the initial hard money lenders, with the recent market changes this past year are doing lower ARV percentages ...example going from 80% ARV down to 65-70% ARV to mediate their risk, requiring more out of pocket initial money's. 

Just make sure you have a rental agreement or lease in your name because you are required by FHA to have a housing expense in order to use the 75% of rents on an upcoming purchase. 

In the lease he is required to give a 30 day notice. to vacate the property.

Your holding period is added together with your parents' holding period, so I'm sure you have already met the 1 year requirement.To take the deduction, it does require an appraisal and a tax form signed by the appraiser.I'm in Tuscaloosa, also.

It requires a bit of experience. 

Many of the “deals” we acquired required a lot of work to be market ready.

These have between 3 and 3.5% minimum down payments, but would obviously require a lifestyle change for the immediate time- there are hard money lenders that do not conform to traditional lending requirements.