Or buying land , placing mobile home and renting/selling?

Personally, I don't mind renting as I view it as paying for convenience and mobility.- Would the house serve as a good rental property if/when you choose to move?

Whatever you decide to use, be sure it is up to date and includes guidance for local municipal laws as well. 

Footage should only be brought into question over incidence, and not used as false leverage to question on comings and goings, who is brought in (such as dates) etc. as this would fall into harassment and a breach of lease as it pertains to the quiet  enjoyment and the very principal of their equitable interest as a leaseholder. 

Two of the common areas of concern for HELOCs I see out there is the 10 year maturity date and the adjustable rate.

Deliberately have a few challenges in your screening process - it will weed out "entitlement mentality" problems4) Allow payment plans, but create system to track when payments due, so they don't keep falling further behind You will need to call them on due dates or they will fall further behind Be prepared to give a strong NO when asked if you will change rent due dates to "make it easier" for tenants to pay rent based upon their SSI or paycheck dates.

Aside from the farmhouse, there is a 3 bedroom mobile home on a basement foundation that is currently rented and market rent on that home is 1400-1500.

Up date all your faucets (plumbing) and maybe the supply lines and values.   

https://www.har.com/content/newsroom/Houston Real Estate Highlights in June:-Single-family home sales increased for the thirteenth consecutive month, up 13.6 percent year-over-year with 10,638 units sold;-The Days on Market (DOM) figure for single-family homes fell from 57 to 29;-Total property sales rose 16.9 percent with 13,090 units sold – the highest volume in history;-Total dollar volume increased 43.8 percent to $4.8 billion – a historic high;-The single-family average price reached a new record high, increasing 23.7 percent to $395,316; -The single-family median price rose 20.0 percent to $314,500 – also a record high; -Single-family homes months of inventory registered a 1.5-months supply, down from 3.0 months year-over-year and below the national inventory of 2.5 months;-On a year-to-date basis, single-family homes sales are running 25.9 percent ahead of 2020’s record pace.

Limb will grow back next year.I would suggest, first start by asking owner of property with overgrown tree to trim by a certain date.