As the title suggests, I'll be living there, while renting out the bottom portion for income.

Has anyone used awning.com to estimate income on short term rentals to analyze a deal? 

@Nate P.Your profile hints that you are living abroad.If you are a US citizen - you want to make sure that the CPA you work with understands the foreign earned income exclusion(FEIE).If you purchase a property and are expecting valuable feedback on how that property will impact your tax return, you will need to provide a rough profit and loss projection(rental income and expenses) along with purchase price to have a conversation with your accountant so that they can provide you good feedback. 

I have a salary and a good amount of real estate income.So far I encountered issues as my real estate NET income looks like $0 because of depreciation, and so the DTI looks inflated since I have the corresponding real estate debt.I am looking for 300k HELOC on $1.2M property with $660k mortgage at 3%. 

.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

This is ordinary income plus social security and maybe state income tax. 

I mean they do it for low income senior residents and the multifamily affordable apartments that been there for a while.

Landlord Tenant laws are challenging but if you invest in the better neighborhoods, you are less likely to run into the issues landlords customarily face in the low income areas of the city.

And you lose depreciation and deducting expenses against income.  

The owner reports gross rents of $2750/month (this includes the home plus lot rent).