Then the agent says once it converted to rental near future, the loan officer can reduce the HELOC...

The plan is to have multiple small AirBnB's out here eventually adding over time. 

Eventually I'll want to accumulate cash flowing properties, but harvesting profits now is where my gut is telling me to go.  

One option is to convert to something else but you would need to buy an insert and that might not be what they are looking for. 

If you're wanting to develop Self Storage, eventually you're going to need a Feasibility Study.  

Has anyone converted their garage into a living space?

You'll have to become an expert at finding and converting motivated sellers + an expert in analyzing deals (including construction and acquisition costs).If you want to eventually get into buy & holds, I'd start there... you can start with a low-down-payment owner-occupied househack, multi-family or other rental property deal.

We inherited all 4 tenants and are converting them to our leases as their previous leases expire-so far we've had some headaches but nothing more major than any of our local holdings.

We inherited all 4 tenants and are converting them to our leases as their previous leases expire-so far we've had some headaches but nothing more major than any of our local holdings.

Hello BP,I recently purchased this triplex that is converted from a single family home into 3 units.