Should I try local CU or any of the larger banks such as BoA that are offering no-fee helocs online?

Unless your market has special rules, the eviction process is the same.

Is this a market better suited for single family LTR or mulitfamily?

Can I also charge him rent till I find a suitable tenant ( I intend to aggressively market the unit)?

For our clients, we separate repairs into catergories: 1) Health & Saftey - highest priority to avoid lawsuits2) Property Preservation - don't want a $500 water leak repair to become a $5k repair later3) Government Required - for city & S8 inspections4) Marketing Negative Impact - who wants to rent a "purple" house?

My markets are North ATL, Greenville, SC & Spartanburg, SC. 

How much money do I need , what licenses , where to look for off market deals?

Realtors & Investors [August] How is the market treating you?

I concur with @John Underwood's logic and agree with @Kevin Lefeuvre that Airbnb's solution works better (at least in my market).

It doesn't sound so much like a scam to me as marketing gimmick to get business.