Lodger has verbally agreed to surrender premises (mailed back keys from jail) and but stated since has no living family members available, requested his security deposit back and month to month storage of personal property (passport, social security card, US Army Veteran Honorable Discharge paper, about 5 suitcases of clothing and a couple milkcrate size boxes of misc personal belongings, that's it).

The sole purpose is to identify and acquire 4+ bedroom properties to rent to college students and collect rent per room (research shows that rooms can rent anywhere from $400-$600 depending on size and condition of rooms/home). 

As well as having a local trusted property manager.No one size fits all to investing - but my suggestion would be to build relationships and then invest with or through them.Good luck with your decisions and investments!

The size of the tank matters, find out how many gallons it could hold and how full it is.

I'm pretty inexpensive (about half compared to typical small firms) because I also work full time as an attorney, and merely practice on the side to assist with my real estate deals and pay down law school debt (which is mortgage-sized), but I'm also very good (graduated with honors, guest lecturer, published papers, etc). 

In the end, refi to pay back the HELOC and roll everything into a new loan on the property.As with the original posting, I too want to utilize the HELOC for rehabs since I am not able to finance that portion with a conventional.

Also it depends on the size of the project you are looking into doing.  

Might it not be a good time to sell anyway (down-size, buy a relative dump or those sort of options)?

Are you showing a POF for your down payment portion?

FYI the "mismatch" sized unit thing is both not uncommon and not a very large problem.