Evicting the tenants and moving in to perform repairs myself while I explore Detroit, as I have never been there before, but this process might take a long time.I would appreciate any advice or insights on how to proceed.

Well, we don’t own a G-5 like @Jay Hinrichs 🤣, and our process is much more local, but not much different in terms of borrower and property qualification.We only lend in Los Angeles and North Orange County.

I’m from Long Island with similar price points and rental laws to NJ.

I rented out my condo (short term - midterm) to move in with him, and now he is ready to rent out his single family home (long term).  

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.   

Yes, you should be able to do this, so long as the DTI for the Conventional loan works once the new minimum pmt on the Heloc is factored into your debts.

As a long-term, it looks like I could rent for $1,400/month.

All other factors (applicable documentation, terms/interest rates, title, requirements) seem to usually be about the same.

The nice thing about real estate investing is that there are SO many opportunities and strategies to help support your short and long term goals.

Its a great time for investors to tap into the equity they've accumulated over the past few years on a cash out refinance with improved terms.