However, the decision requires careful consideration of both the pros and cons, including potential mortgage complications, additional costs, and the need for strict adherence to corporate formalities.

Moving the property into an LLC can create lending and tax considerations, so you’ll want to weigh liability protection against the possibility of triggering a due-on-sale clause.

Smaller self-managed HOA's tend to have more leniency and better alignment than larger HOA's but these are important considerations. 

Also for special projects where we could re-use the design, like what we are working on with SIP panel and modular built houses, the structural and design considerations didn't lend themselves to "canned" plans. 

I prepared by having multiple exit strategies at the ready.That's not the only thing to take into consideration, and really not a proper way to prepare.If the market downturns, liquidity dries up and exit optionality does too.

We are almost done with renovations and dealing with unforeseen scope of work which I probably should have taken into consideration beforehand but I didn't get a chance to do a thorough inspection considering the condition of the house.But anyhow, I just consider that as an enrollment to the world of real estate investing.   

Ultimately, there are a lot of technical considerations and risks with real estate professional status, so it’s best to work with a CPA who understands the rules and can guide you through them.

Another consideration is that Heloc lines can be converted, frozen, or cancelled, whereas a cashout refi is permanent. 

Quote from @David Peschio: Raising the rent by only 3% annually, while considerate, would significantly prolong the time it takes to reach the market rate of $1,100.

Another consideration is what kind of debt is the $30K?