I would personally feel better if they were at 4" though, particularly if there will be small kids as renters.

Keeping your building expenses separate from your personal finances can make it a lot easier. 

Hard for a person to imagine living there. 

Benefits:-Beneficial tax implication since you won't be realizing your gain.

It sounds like you are placing into service as a rental a house that was previously a personal residence.Your basis is purchase price + improvements made to the house from purchase to the time it was converted into a rental.

Our personal tastes lean more towards Reunion, but everything you read or hear about Championsgate suggests that calendars fill fast, high occupancy can be expected, and values stretch further in that development.

Online Rent Payment (please tell me you still don't collect rent in person).

Easier if you just do one person. 

Hi Zak-Great question.It sounds like your credit union is offering you a Home Equity Line of Credit as they do not expect principal payments and your primary bank is offering you a Home Equity Loan.Personally, I don't like having to pay on an equity loan unless I use some of it and only pay on the part I use.Although, this is a personal decision for you.If you make investments that provide enough cashflow to pay the principal and interest to your primary bank on the equity loan it doesn't really matter to you as others are paying it.Another consideration is the amount of dry powder available to invest.

This person is to diplomatic, think someone took over his account.