If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it.

There is no seasoning requirement involved since the property isn't a short sale and it isn't someone buying REO from a bank with a seasoning requirement.

Conveniently located in Bryan TX, within walking distance to A&M Bus stop and a short 5 minutes drive to College Station, home to the largest university in the state, Texas A&M.

When a rental is taken out of service for personal use the accumulated depreciation goes away over a short period of time. 

@Jordyn Ohsnot enough info to helpbut if you're using a HELOC for the down payment AND getting a loan, then you're probably negative cash flow given that's 100% leveragei would never do that unless i were going to refinance in the short term

In my mind sub to is for short term .. long term rentals is very problematic for many reasons. 

Shortly after they all became vacant, I had to do the renovation work myself because of the lack of cash flow, and it took years to dig myself out of that hole.

Ultimately, the decision should align with your long-term and short-term goals.

they appreciate, they provide other benefits like passive losses for tax purposes, and in the short term, they don't throw off that elusive passive income.

Give me a shout if you have questions, but here's the short of it.Best financing is going to be from a bank or a conventional construction loan.