Does the down payment and income requirements make it difficult for first time or low income buyers?   

These lines of credit generally have 1-2 year renewal periods and require you to send the bank your tax returns and possibly personal financial statement on an annual basis.In my experience "HELOCs" are associated with your primary residence. 

Self directed IRA keep in mind you need to liquidate the assets at 72 and half years old to pay taxes on minimum required distributions. 3.

I invest using BRRRR and what I've seen lately as the biggest obstacle to that strategy, has been the initial hard money lenders, with the recent market changes this past year are doing lower ARV percentages ...example going from 80% ARV down to 65-70% ARV to mediate their risk, requiring more out of pocket initial money's. 

In the lease he is required to give a 30 day notice. to vacate the property.

I lived in the home for the 12 months required when its your primary residence.

Currently, the house is on one water meter, electricity, etc. 

I would love your expertise to see if I bought in wrong location (still water estates).

here in Florida many of the communities with STR rival and exceed hotels in terms of on sit amenities, water parks, etc.

Your holding period is added together with your parents' holding period, so I'm sure you have already met the 1 year requirement.To take the deduction, it does require an appraisal and a tax form signed by the appraiser.I'm in Tuscaloosa, also.