What would you do (Triplex financing)?

[Todd Ashley]

Hi all, 

 I am having a hard time making a decision on what to do about a Triplex I have under contract. 

Background: 

I have lived in Oregon for the past 10+ years where I own a SFH and a fourplex (purchased the fourplex in March using an FHA loan). I do not have tax returns showing rental income for either of these properties because the SFH was converted into a rental when I purchased the fourplex. Covid hit and I came back to NY state where I grew up to help out my elderly parents, who were planning to move to Oregon before the pandemic began. Being back east for this long, it has become clear that my parents need more consistent help. With that in mind and my job becoming remote, I decided to make an offer on a triplex utilizing another FHA loan (since I would be moving more than 100 miles away).

Triplex: 
Purchase Price - $250,000 
Gross Rent when fully rented - $3,050/month (some room to raise rent) 
Very stable market with minor potential for appreciation. Small historic town where there is very low rental inventory and high demand. 
The studio apartment has been left vacant for me to occupy (previously rented for $650).

The issue: 
To utilize an FHA loan I need to to have at least 25% equity in each of my properties (I did not know this). This is not a problem with the SFH, but I am probably short 30-50k in equity on the fourplex. I have equity to play with in my SFH and could utilize a home equity line of credit.  Some my options are: 

A. Stick with the FHA loan and pay for two appraisals (each of my Oregon properties) and utilize the home equity line to bring my fourplex equity up to 25%. 
B. Use a conventional owner-occupy loan and put 20% down utilizing my home equity line for the remaining down payment. 
C. Use a conventional investment property loan putting 25% down utilizing my home equity line for the remaining down payment.
D. Other? 
E. Walk away from the deal.

Your input is greatly appreciated!