I think it can be a great idea to utilize the LOC as long as:The property will still cash flow well with the additional leverageYou have adequate (extra) cash reserves, just in caseYou are able to aggressively pay down the LOC to deleverage and make the funds available for a future use

Hey @Emily Schultz congrats on taking the extra step on getting a real estate license! 

A second option would be just add the full bath to the addition and make the space multi purpose dining/extra living. 

This is a property that was in mt family that i have always wanted to buy.My wife and i got the opportunity to purchase it, rental unit was an extra bonus.

The extra AC unit was a nice touch to keep a tenant satisfied, but I would not have given a rent discount.

Everyone has their own strict policies when trying to find a tenant so if you're aiming for higher credit, good salary, no pets, etc you will find it but will take a few extra weeks.

What college student wouldn't want to make extra money and get real experience, to boot. 

If you have a 30 year mortgage and decide to pay it off in 15, you can make extra principle payments.If you have a 15 year and decide you want the extra cash flow, you're only option is to refinance.Based solely on flexibility, I'd always pick the 30 year.

Not thrilled about the extra half of a point at all, but it's just getting rolled in. 

But I'm glad I didn't find someone else because they will go the extra mile to maintain the relationship and solve issues if any arise so I have't even thought of changing.