It's more complicated, and I don't really see much of a benefit.  

One benefit I have seen to a HELOC is that you can set your direct deposit up to deposit into the HELOC and use it as your checking account perse, and naturally, you can pay off more, and faster.

Adjusted the cash needed.

You’ll realize the positive cash flow benefits of rental real estate and on your next venture you can dip your feet further in buying yourself.

Also, keep in mind, there are great benefits as an investor of income properties, you can write off, depreciation costs, and if, it doesn't rent, you write that off as well.

Then you can adjust the amount for your reserves requirement.

Sounds like if the eviction process becomes more costly and difficult, that would wipe out any positive benefit from collecting the option fee or having increased rents or whatever.

Obviously, I'd need to hire a property manager if I went this route, but I'm curious to hear the challenges, or benefits, that come with long distance investments.3) Is "retiring" and living off your rental portfolio a realistic goal? 

We are looking to arrange a place and time that would benefit us on the South Shore.

They're still considered capital gains but the STCG rates equal ordinary income rates.If the holding period is longer than a year, you will benefit from the long-term capital gains rates, which are significantly lower.Keep in mind, if you're flipping properties and are classified as a "dealer", the properties are considered inventory.