In fact I could carry an additional loan to my house right now and be fine with the payment and all that comes with it and still save.

I will add it as another reason I don't invest in properties with HOA. 

It is an entire process, and the collection attorney will typically charge up to 28% of the amount collected per month, in addition to a set fee to start the file.

Maybe it will spur additional input.

If you don't have atleast an additional $10K saved up you may end up in a tight spot financially if you have an unexpected repair. 

In addition, we can lock a rate while they are still low for a very long time.My question: HELOC or mortgage?

Per my contract I stated that the owner needed to establish a 6 month lease with the first floor tenant in addition to raising the rent and collecting a security deposit.

I had a rental appraisal done for it for additional cost during the process and the results were good enough so that 70% of that number covered my Principal, interest and insurance and property tax payments with a little left over. 

Additional info that may be relevant RE financing.

Additionally, because no-see-ums are so small and are weak fliers, ceiling and window fans can be used at high speeds to keep no-see-ums out of small areas.