For a short period like 5 years, it's hard to imagine the HELOC being more costly than the cash-out refi, except that it is a low HELOC balance (at least out in my area), and they may charge you extra on the rate.

Please let me know if you need any extra info from me for your buyers list.  

I'd take $241 in extra cash flow any day.

I am also open minded for a condo of it doesn't have HOA :) My goal is: my tenant(s) payment rent will cover my mortgage and property tax and being some extra cash each month if I can.

Bring extra compact bulbs (there are always burned out bulbs!)

In addition, the workers need to be supervised, motivated and trained and the cost for this person plus all the extra costs can bring it up easily to $50/hour.

I am currently beyond the sweet spot and extra payment on my primary residence is now returning less and less in terms of years left on the mortgage.

My strategy for now is to pay a little extra in insurance premiums to cover liability up to 1 million on each structure.

That way you can decide if it's worth the extra expense.

Also, we like to get two years from the construction loan so that we have an extra year and a half to sell the home.