Ultimately, it is best if tenants are gone, but if not, constable will remove them, and you change locks. 

@John Mocker  Thanks for the explanation.   

Do a closed mortgage, so interest rates are locked in for 3-5 years.If you are living in it, then you can do less than 20% down. 

Originally posted by @John Teachout:What kind of renovation/repairs does the unit need?

All HELOC rates are adjustable (usually adjust with prime) unless you go with a bank that offers to lock the rate for a HELOC draw (usually for a fee) and banks that offer these usually have higher initial rates also. 

I would recommend talking to a cpa like @John Woodrich not people who don’t actively work as a cpa

@John MockerThank you @John Mocker.I recently switched to personal umbrella with the help from local agent.

Also, if you can lock in some good priced deals, consider how low interest rates are now on rental property.Just my 2 cents.

I, on the other hand, feel I need a little bit more, like something in writing from that person that says they will not give the code to anyone and that if something is not left locked properly and the house is broken in because of that, then they would be held liable or something of the sort.I remember that there are people who do this, but I don't remember if there is a name or there is an example of said "addendum" for it. 

Originally posted by @John Mocker:Enat,From your description, the house is now a two family.