Here is some more info on each of these products: HOMESTYLE RENOVATION: Product Overview Combines home purchase or refinance (limited cash out) with home improvement financing in one loan with one closingProvides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50% of the "as-completed" appraised value of the property with a first mortgage, rather than a second mortgage, HELOC, or other more costly financing method.Funds can be used for repairs or renovations that are permanently affixed and add value to the property.Primary residences as well as second homes and investment properties are eligible.NO MOBILE/MANUFACTURED HOMESRequired LTV's: Primary Homes:-1-4 Units-620 FICO Minimum (660 High Balance)-95% LTV 1 Unit-85% LTV 2 Unit-75% LTV 3-4 Unit- Minimum 680 Credit scoreSecond Homes -1 Unit - 90% LTV -700 FICO Minimum Investment Properties:-1 Unit - 85% LTV Purchase Only (75% LTV Limited Cash Out)- 720 FICO Minimum-2-4 Unit Investment Properties - NOT ALLOWED WITH THIS PRODUCT!

Always wise to run your numbers against several guidelines for a check and balance effect. 

Yes for Properties, but don't have multiple business lines in the same set of books - - it makes a mess of the PnL & Balance sheets.

I often have a difficult time with hyper-inspirational stories and posts, as they are usually heavy on sentiment and lack practical guidance, but I think you've struck the appropriate balance here. 

I'm trying to balance building wealth for the future with having a supplemental income.

Typically it works something like this (I'll use round numbers to keep it simple):- You have a house worth $200k- Let's say your current mortgage balance is $100k (50% LTV)- You find a lender that will give you a HELOC up to 80% LTV- 80% LTV on a $200k house is $160k, but you already have a mortgage for $100k so that would leave 30% equity (or $60k) available for the new HELOCIf you end up getting a HELOC with a $60k limit, your original mortgage payment won't change and you'll just make payments on the HELOC as you use it according to whatever the terms of the HELOC are.Make sense?

Keep in mind many HELOCS require you to bring them to a zero balance at least 1x per year so if you are not prepared to do that somehow with your Option #2 it may put you in a bind.I like #3 so long as the numbers make sense in keeping your current home as a rental (and don't over leverage...). 

The following week I'll give $600 on Monday, and balance due on Friday. 

I work with our of area partners, they provide the down payment and we get a banks loan on the balance.  

Balances out a little .