The definition of a dwelling unit under 280A(f)(1): The term “dwelling unit” includes a house, apartment, condominium, mobile home, boat, or similar property, and all structures or other property appurtenant to such dwelling unit.Merriam-Webster: Definition of appurtenant 2: Auxiliary, AccessoryDefinition of accessory 1a: an object or device that is not essential in itself but adds to the beauty, convenience, or effectiveness of something elseDeeds don't matter. 

I have found a beautiful house on a lake that got pretty beat up by a hurricane 2-3 years ago. 

We all just think it would be a shame to let that beautiful house and piece of property go and not keep it in the family or at least turn it into something that creates cash flow for years to come and is something for my brother and I to start building our own portfolio of rental properties (not on Nantucket).

Purchase price: $490,000 Cash invested: $90,000 Single family home with a cottage producing cash flow and a beautiful location.

@Jason Albasha my inspection is this week but the place is aesthetically attractive with grey paint, nice cabinets and in-unit laundry.

Lastly, get in and get the heck out as fast as you can.The beauty of a HELOC is that you can draw and pay back as you need and see fit so you don’t need to pull the entire cost out at the start, just enough for purchase and to start your rehab, then take draws as necessary and repay at close saving interest on your hold time.Then simply send me 10% of your riches for my consulting fee!

I did once and while it was a challenge to turn a lemon into a beauty worthy of a family, it's time consuming and a money drain. 

Easy to do with beautiful results and less cost

A duplex on the beach sand in Gulf Shores and a SFH on a very beautiful lake. 

I like that you are teaching others about the beauty of rel estate investing.