However as Texas only allows a HELOC on your Primary Residence, I don’t want to lose this facility if I move to a new place (and I want to comply with the rules!).

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

So he did a non allowable assumption to get around non owner occupied rules and it bit him in the ***.Karma....

Rules and Regs might be different now but it was easy enough then. 

The rules are the same for everyone.

Small improvements or updates can justify slightly higher rents too.

The ruling was appealed. 

I'm not sure which places are best to focus on with rules and regulations getting strict in some places. 

If not again you would be better off buying your own home and having enough yard/space for all of them but 13 is still way to many dogs unless you live on a farm or own acres of land.I have worked in the banking business and have seen people lose their homes that they rent due to landlords kicking them out with very little warning due to breach of contract or a No pet rule. 

You can sidestep most of the headaches if you stick to these five golden rules:- Know Your Market Inside OutTake time to research neighborhoods, property values, and what buyers are looking for.