I am looking into getting a HELOC on my second home and the bank wants me to declare that it is NOT a rental, which it isn't currently, and provide tax returns to prove this.

The owner is trying to get $55,000 for it but the comps in the area have newly renovated duplexes for $55,000 and this property I believe- have not visited site yet, judging off of seller's descriptions- should go for somewhere around lower to mid $40k range.It would be my first property and since I'm in college having to pay $6k/semester for school, I don't have the immediate funds to which a bank would accept me today but in 6 months I most likely will.

I know this goes for the University of Texas at Austin, and not sure this applies to you but if your son buys a property in Texas he can declare residency to UT after 12 months so you don't have to pay out of state tuition the last 3 years of college.  

I would judge that location is it's proximity to shopping, eating establishments, a highway that is close can make a difference, and the local traffic is very important.I would talk to a city building official to ask if he or anyone he knows has a negative  opinion about the subject property and you should also talk to the Chamber of commerce to get their opinion of that property or the population and land growth in that area.  

Your Trustee/Prospect may well know and use such an error as a differentiator.Or your Trustee/Prospect doesn't know and would appreciate your wise insight, again setting you apart but positively.Also, print out and read their Declaration, Articles of Incorporation, and ByLaws.  

We set the rental price relatively high, but judging by a number of inquiries, we could have gone higher. 

You need to fear mediocrity, you need to fear regret, you need to fear what/how YOU will judge yourself of you dont take a chance!

Our JP Court Judges are elected officials and not necessarily from a legal background. 

Lease terms will require that all people and pets living in the home be declared on the rental application.

I don't know you're market, but judging by the general sentiment of blog postings, I'd guess there's not a lot of inventory where you are and plenty of demand.