You payment will typically be a monthly interest only payment.

Typically HELOC purchases are treated as cash come time to close at the title company, but it's not like I'm dipping into my savings account to purchase. 

The money that people try to save by not using a Realtor typically results in longer days on market and a lower selling price.

You can typically get delivery next day on any in stock items.

Multi-family homes in this area are sort of rare to find.

@Brandon Turner claims to have coined the term "House-Hacking" through his article in 2013 here: at https://www.biggerpockets.com/renewsblog/2013/11/0... and he may be offended by that suggestion :)Every time there a new opportunity, that vacuum gets quickly filled with scam artists and people of the sort.

@Chris Rendall, as well as the seasoning period, keep in mind that the Refinancing Lender will only lend up to a certain percentage (typically 70%) of their appraisal.In your example, even if it appraises at $120k, that would only allow an $84k Refi!

As mentioned by Matt this is typical practice.

If you can find the one, they could also help you with things like: "that neighborhood doesn't attract the right sort of tenants"; "sorry, I won't manage properties in that area"; "I reckon you could get a better rent return if you choose this other neighborhood" - and such like.

I typically do year long leases so that I can end the lease in a month that I know I can get the highest rental amount possible.