In other words, you can't do a cash-out refi if the valuation does not support management.  

A 100 amp panel can support a heat pump.

I want to do whatever us most profitable and supports our overall goal in reference to keeping or selling the home in Corona.

You can look to see if there are local laws that will help support you. 

I would also stay on the west side of the university as the neighborhoods are much more desirable in the event you can't rent out to students.

Would also say that without capital and experience, it would be hard to get a good deal under contract.Start making contacts with investors, lenders, etc at local REIA and other forums.Last but not least, I would also encourage you to make sure your underwriting is robust and supports the correct assumptions (vacancy, leasing staff, maintenance staff, etc).

I appreciate all the help and support.

A lot of cities have some organizations to help local people find place to live.Reach out to local churches/hospital/performing center/university if there are any there.

Furnaces break, water heaters, roofs, etc.As your question, as noted, every traditional lender will want to see stable income coming in to support the recurring mortgage/HELOC payments.  

Property has 3units 7bd 3ba Sqft 2352 build 1962 Style CCCustomer is willing to hold the note on the home with set amount she is older and don't count on living forever.2 units occupied total of 2870 in cash flow1st flr $1790mth  3bd 1 ba2nd flr vacant ($1700-$2000 potential) 3bd 1baStudio $1080mth 1bd 1baTaxes is $12321.27yroil 3 zone furnace City Water 2 Electric boxesLocated 45 Min from New York5 min from University and College3 Different Mountain Trials and Parks  Shopping District and Medical Centers What questions would you ask?