Quick Financing Advise

[Gabriel Melching]

Hi folks, 

Looking for some quick feedback from a financing perspective... What would you do/recommend?

Here's a quick summary of the situation: 

I'm interested in putting in an offer on a duplex in distress listed at around 250k. Just listed on the MLS, and I have about a week until offers are due . I don't have much liquid cash available, so I'm trying to get a little creative. I do have access to the following:
- My primary with a 60k HELOC
- A duplex with a 30k HELOC (taken some time ago... I probably have 150k equity at this point)
- A SF rental with ~150k equity, no HELOC

The new property will probably need to sit for 6-12 months while I renovate. Planning to do much of this myself. Without an exact numbers breakdown of each option (which should obviously be my next step), I think my ideal situation would be to sell the SF and roll the equity into this, leaving me with a modest holding cost that I can absorb with my stable W2, and keeping the HELOC for any larger ticket items I need during rehab.

Some options I've considered: 
- Forward 1031:  Seems to have timing issues (unless my purchase offer has a contingency, which will most likely make my offer pointless in my market).
- A reverse 1031: Complex, and possible financing issues for the initial purchase before selling. I could use HELOC cash to finance, but I'm a little hesitant on taking a large HELOC out with current interest rates. Also, I have a month to month tenant in the SF, which could complicate the sale.
- Conventional purchase with 20% down using a HELOC: Current cashflow from the SF could cover a big portion of the HELOC payment, but this starts to feel risky from a cashflow and funds available for rehab.
- Conventional and move there/rent out my primary: Certainly the best option, but a hard no from my S.O.'s perspective.

I'm guessing sound advice will be difficult w/out more detailed numbers for each option, which I'm working on. Regardless, I thought I would throw this out there in case I'm missing any potential routes. 

Thank you!