It basically works out to you using the HELOC as your primary account and having all of your money go into paying down the account while you draw from the account when you need money in your checking account to pay bills. 

The clearer way to do things like this is charge the tenant on their account, leave the security deposit as it is and give them X number of days to pay the charges then file eviction.In regards to Section 8 acceptance. 

They will look to have you open a depository account, but it's a pleasure to deal directly with the decision makers.You'll refinance the construction loan upon completion.

This accounts for all normal expenses as well as cap ex.Any advice would be much appreciated!

Account Closed is correct, if you are planning to sell the property there is a lot of benefit in marketing as a new build. 

That being said I've struggled to find information about bookkeeping and accounting for someone in my situation. 

Account Closed

The account may be archived or likely sent off to a charge off company.

We knew that you had to ensure separate financial records, bank accounts and shouldn't purchase items for the rental properties from our personal accounts.

Account ClosedAnd as you also stated, these are first time home buyers, and it's 119k.