I still have a lot of conversations to have with tax pro and other members of team, but wanted BP opinions.

Team up with people who know a lot or have the same goals to help each other out.

The max CLTV is 70%, and will allow up to a $500k line of credit. 

Besides it is not allowed here in my city to do STR.  

For example, the city of Palm Springs has a hard-limit on the number of STR rental permits it allows (and it has a huge "wait list").

Go to BUILD YOUR TEAM at the top of your screen and you can search for other MEMBERS or LOCAL MEETUPS.

IF, IF, IF splitting the lot and building another house would even be allowed in a historical district.

@Michael Greer unless it’s a small studio or 1-bedroom condo that doesn’t pass local codes for a child’s room, my understanding is that it would be a fair housing violation to not allow the child or charge additional rent or deposit.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Do you have your team already in place?