Tell them their is a psycho trying to break into your home .

If the answer is yes, then go for it.Also keep in mind another great advantage of the HELOC is that unlike the hard money loan where you take it all out at once and pay interest on the entire loan, you can break up the withdrawals from the HELOC to minimize the interest costs.

On a loan like you are talking to break it could be over 1 million sometimes!

Plus, rents keep going up in that area we think we should be break even in a couple years.

The advantage was someone was paying the utilities, keeping it safe from freezing, theft/damage & preventing feral ghetto rats from breaking in.

Be sure you work with a lawyer to draft up a partnership agreement to make sure everyone is covered in the event of a messy break up. 

Then they told me in November they needed to break their lease and had to move.

Are you saying they are month to month or are you trying to actually break their lease?

Okay thank you for the quick response do you know where I can find a break down of this 

Doesn't have to be perfect I need to break even at a bare minimum because its short term.If I am 6-10 or longer I am not as concerned regarding some of those numbers.