Once you convert a property to rental it is now an  investment property but you can still take the primary residence exemption if you qualify for it.If you don't then a 1031 might be appropriate. 

We had a gradual leak from a waterline under our floorboards in our primary residence.  

I found this deal through a contractor that I’ve done a good amount of business with on my personal residence and in some of his other ventures.

When I was enlisted I had 3 homes that I acquired through in 3 states, I used my VA loan for my primary residence and I took the other two loan from the states of Virginia and Florida, I had to provide a lot of paperwork, but in the end, it was worth it. 

. $250K HELOC available (against my primary residence) that I want to use to invest in residential rental property.

Are you looking for someone to do the most cost-efficient work to make it a rental, or higher-end work for a primary residence?

A little background also, this would be both of our first homes, we are not married but plan on it sometime next year or so, both have good credit, and moderate salaries, and this would be our primary residence. 

Does the LLC loan count against our ability to qualify for a personal residence?

Jeff Phillips comes down to risk.If you take a HELOC and something we’re to happen and you could not pay then you lose your primary residenceIf you get a regular loan and you cannot pay your not paying on that 2nd home and they take that but not your primary residenceCheck with an accountant as well as I believe with the new tax law you cannot deduct a heloc if it is not used to improve your primary residence

The reason for renting from us even though they have a house paid off is because their current primary residence is very large and two stories.