Also, most lenders who finance a primary residence will switch to looking at it as an investment property if it's rented for more than 30 days after closing, so definitely check with the lender to see what their time frame is - otherwise a long rental could breach the terms of your client's owner-occupied financing.No matter what you do, use forms from your MLS or those supplied by your brokerage (which hires attorneys) for any agreement, if you try to write this up yourself you'll be acting like an attorney which we're not supposed to do and creates a huge liability issue.

Don't do a HELOC for long term just to have the tenant pay it off, that loses the advantages of HELOCs -fast cash, available any time, but floating/higher interest rates- Also, most won't give you a HELOC on a non-owner-occupied home.

If fully occupied (with an average rental of $350 per unit/mo x 4 Units) we are looking at $1400 a month, cashflow at $517/mo and a 31% CoC ROI. 

That being said there is a rule that states you must occupy the home for 12 months. 

Is this home an owner occupied home or a rental?

@Brett Schussel we do great in big bear we keep 90%+ occupied even low months and have great cashflow.

I increased the rents on all the 3 occupies units.

All they would do is owner occupied purchase with 5% or more down, on a single family home (guess who established a solid referral relationship with that CU in about April 2020? 

You can't make significant renovations while occupied.

@Corey Dussault, based on your post, it seems like you're talking about a 2-4 unit which you'll be occupying(since you'll be renting out your current primary).