If you decide its worth the return possible, find a guy who can put your main plenum in the center of the dwelling to minimize costs

Also, was told, the best time to get a HELOC is right after tax season as lenders are trying to stream in as much cashflow as possible. 

Alternative options: Properties with garage apartments, accessory dwelling units, or possibly master suites that you could enter from an external door and just hole up without ever having to see the people you're renting rooms to.

You need to find out what the minimum size in your state/city/county are to be considered a livable dwelling.

Ok, so i have been looking for a multifamily dwelling to owner occupy in the Dallas Ft.Worth Grapevine Arlington Desoto area for a few months now.

You can qualify for a FHA loan to buy a multi-unit dwelling as long as you live in one of the units as your primary residence.

I think what you have is a potential additional income stream, because in urban areas parking and storage are at a premium.If you start to feel bad about charging extra, call around and get price quotes at storage facilities - that will cure your guilt quite quickly.

That's because any dwelling of 4 or fewer units is considered residential so when you apply for the mortgage you can take advantage of the FHA and other favorable programs along with owner-occupied interest, property tax savings and reduced insurance costs  to "hack" (beat the system in some creative way) the rental ownership starter problem.Either way, if you decide to use payments from renters in other units of your own dwelling, get a family member to spilt costs with you or just buy it outright, personal home ownership is the single most important investment you will ever make. 

We rented  the house to two full scholarship university football players, thinking they would have a school income stream to always pay the rent.

I like getting a lump sum of money and then a stream.