Our plan is to use my HELOC to fund the down payment, closing costs, minor refurb items, and furnishing the STR.

If you size correctly, you have a chance to sell.The above two groups are generally two different products and business models. 

Are there some items that have been successful for others1.

Stanley Martin says they are renting out these models for 2500$ but I do not have proof.

Mind any potential code violations, deferred maintenance, and your big ticket capex items(re-paving parking lot, loose handrails, amenity repair, roofing, scope plumbing lines, etc)It’s unclear to me if you’re buying this with your money or other peoples money.

The more you do this, the better you will get at knowing rehab big-ticket items vs cosmetic fixes.Best to you!

I have learned to work on the safety items first including electrical, necessary structural, Roof leaks, water system leaks etc.

Please answer this in an itemized way to better help flow of conversations!

@Sattir BittiSome considerations as you do what you are planning to do.If you are currently itemizing your deductions, you may see an increase in your taxes if your mortgage interest is reduced.Your 'appreciation' is taxed when you calculate your gain.Gain is sales price less selling expenses less adjusted basis.Your suspended loss may get released upon sale of the property.Best of luck

Often times you are only seeing a "view" or "report" of the information available on a listings, not every single data item available.