It can definitely be frustrating.One thing I'd encourage your friend to keep in mind is that the tenant is a person and their housing depends on this process.

About 680 per month after 3.5 yrs it would be just cash flow . taxes on the property are low.

Regarding the servicer for your loan, that depends on what state the loan is in. 

I had trouble finding a bank that would do two dwellings and ended up with a loan requiring 25% down and a few upfront points with 7.5-8% interest rate depending on lock in day.

Depending on what the numbers look like some of the funds allow you to pull equity out after a few months. which would hopefully allow you to put money back into your heloc.

For AirBnB, it really depends but I would lean towards "No".44120 could either be near Shaker Blvd, Van Aken, and Chagrin Blvd.The Shaker Blvd is made of historical homes (1920s). 

Luckily, we have our 2023 taxes prepared. 

For preferred jumbo investor lending programs check in with @Joseph Chiofalo to help with baseline structuring and a Pre Approval vs PreQual which has helped several of my luxury buyers win competitive offerings.

I am wondering what the tax implications of this are?

My immediate thought was 'finding deals; no argument' but I think the real answer is 'it depends.'