Jeff Phillips comes down to risk.If you take a HELOC and something we’re to happen and you could not pay then you lose your primary residenceIf you get a regular loan and you cannot pay your not paying on that 2nd home and they take that but not your primary residenceCheck with an accountant as well as I believe with the new tax law you cannot deduct a heloc if it is not used to improve your primary residence

My in laws whole family is from the New Orleans-kenner area.

Again, to be clear, I am not coming at this from a strictly business perspective of getting highest COCR, cash flow, etc.

With two kids under four I want to be around while they grow up.I began my journey about 6 months ago and through strict budgeting and ramping up savings my family is now able to live off of half my take home pay.

Or does it skirt the law? 

I'd recommend discussing the risks with an attorney and at the very least having a plan in place to deal with the worst issues that could arise with leasing your primary residence short term.Be sure to provide proper notice (probably 1 month in advance of the lease end date, but check your state laws about proper notice) for them to leave and it would be a good idea for you to have a neighbor check to confirm they are moving out in the days prior to your returning.

Just got a quote from the RE agents recommended law firm and I’m looking at nearly 3500 in closing costs, more than half of which go to the attorneys office!

They are way less strict on this stuff because they hold the notes.

It's certainly not legal here in MA, but I don't know OK law on the topic.If that was all there were to it, I'd say that's a risk you take in wholesaling. 

Hello Danielle,I recommend checking state tax laws first before accepting a short term lease.