WI passed a state law not too long ago that, if I understand it correctly, precluded municipalities from preventing rentals of at least 30 days.

Unfortunately HOA prevents major work outside the house, but I really like the idea of making the half bath a full! 

are there any encumbrances on the property that would prevent certain tenants from leasing there? 

Spend that money treating the lawn to prevent those burn marks from destroying the grass.

Let's see:1) Do a TakeOver Evaluation to document the condition.2) Take pics of furnace, hot water heater and any ac units to document their condition and serial numbers - to make it easier to order parts and also to prevent "theft by swapping"3) Do the same thing with all owner-supplied appliances4) Take pics of all utility meters to document meter numbers and confirm no illegal hookups5) Communicate with any existing tenant about transfer of management.

Coverage would not extend to taking preventative measures to alleviate the circumstances that caused the problem."

My question, is after completing the refi, is there a grace period or any restriction that would prevent me from obtaining a HELOC after the refi?

Then further more when you get into many of the more exclusive subdivisions the CCR's prevent you from renting the house all together. 

ounce of prevention sort of thing.  

Last week a federal judge ruled that the Centers for Disease Control and Prevention (“CDC”) overstepped its authority when it issued a nationwide eviction moratorium.