Any help is greatly appreciated, and I am also not looking to outsource to anyone, so thanks for wanting to inquire, but please provide some help alone if you have any**Also side note there is not even comps for long term rentals in the area either, I am a realtor and have never seen something like this, I even went years back to see. 

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

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.   

—just know I’m serious.Goals:Short-Term: Survive my first property acquisition and placing a tenant. 

Should I do long term rental or short term rental? 

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).  

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.

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

Most often the terms specify that distributions are first paid to satisfy the preferred return and second they are paid to return capital, so the capital account would look like this:$100,000 starting balance$8,000 preferred return accrual($8,000) preferred return distribution$100,000 ending balanceIn year two, there is another $8,000 due, etc.But partnership agreements can be written however the parties agree, so the rules could be different and that would result in entirely different calculations and results.

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.