My wife and I are a bit risk adverse and have some personal debt (student loans and car payments) we are also looking to manage.

(or anyone) so from what you said above, the HELOC allows you to not pay until you draw on it but has a higher rate (I read elsewhere that if you carry a high value on your HELOC it can adversely affect your credit score, T/F?)

Generally required information may include: Applicant on-time for showing appointment Positive Government Issued ID Fully completed application for every occupant 18 years and older Applicant(s) able to pay complete deposit and rent deposit at time of lease signing Proof of adequate income which could include any of the following: Most recent paycheck stub Tax return copies for self-employed applicants Copies of deposit slips, investment earnings documents or Social Security earnings for retired applicants Any additional sources of income, ie child or spousal support, trust fund incomeIncome, Credit and Employment information required may include: Proof of verifiable employment and / or verifiable source of income Adequate gross income to rent ratio (2.5 to 3 times income to rent) No excessive debt which may impact applicant(s) ability to pay rent Good credit history free of negative credit issues which may indicate an applicant is high-risk and / or indicates a patternof payment delinquencyCourt Records: History of criminal activity (arrests and / or convictions by any occupant, adult or minor) which could negatively affect tenancyRental history information required may include: If applicant has prior rental experience, good references from prior landlord(s) No prior evictions on applicant(s) recordState dependent:ADVERSE ACTION NOTICE REQUIRED WHEN DENYING OR OFFERING CONDITIONAL TENANCY TO APPLICANTNote: In the event an applicant is denied tenancy, or any other form of adverse action is taken against the applicant including requiring an additional deposit, a qualified guarantor, last month’s rent, or increased monthly rent, the landlord is required to provide an Adverse ActionNotice.

My question - Once I select "Decline" on the MySmartMove website, does it send them an adverse action letter or do I still need to do that separately? 

Access to a line of credit for this purpose is then sometimes helpful, but it can also be a curse if you're risk adverse. 

Don't forget to send an Adverse Action Notice.

If you don't have proper legal structures in place to protect your family against adverse risk and shield your excess equity, don't get into any risky venture.  

A tax hike that great, will be hard to pass as the city is VERY adverse to any property tax increase.  

And if you deny an applicant because of information contained in a credit report, you'll need to send them an adverse action notification.It's my understanding that federal fair housing laws do not apply to buildings with 4 or less units if the owner occupies one of the units.

We have been down this road before, with adverse consequences.