I've found a single-family home and plan to rent it to master's students to generate income.

Your strategies for the next move show careful planning.

Purchasing a new townhome and received the following as best so far:- 6.875% 7/1 ARM- 7.35% 30-year fixed I am aware of the risks with the ARM and plan is to either refi when (if) rates drop, or sell around year 5 (along with others I plan to purchase) to get into commercial or larger multifamily.

It depends on how long you plan on keeping the property, what your average utilities costs are in comparison to rent, etc. 

I would plan to live in the house, rent out what appears to be an ADU unit in the backyard.He says he "needs" cash within 2 weeks.   

also you look at the comp plan  comprehensive zoning plan.  

I never lock any HELOC money into any project that I do not plan on getting my money back within 6 months.My HELOC is right around 9% as well and interest only.

I have a property that I'm currently living in but plan to turn into a rental once I buy a house in the next year.

@Stephanie LucianoIf you currently own a home and you don't plan on selling it or making it an investment property, this financing option wouldn't be available to you.

This is definitely an expense I had not planned for.Christine