Please Help Me Help My Dad

[Louis Zameryka]

Hi Everyone, 

I am asking for some help from the amazingly knowledgeable people of Bigger Pockets. I would like to help my dad retire, becuase he also needs to take care of my grandfather and soon my mother. I think with some expert advice he can pull it off based on his current real estate situation. Here are the detials. 

He is 65. 

He currently works and can retire with a union pension but it ain't great. I am trying to help him find a way to get the $ to renovate his primary residence, while ideally also improving the cash flow on his rental property or at least not reducing the cash flow becuase he will need it to retire comfortably. 

He owns his primary residence. Approximatley valued at $525k, but it is in need of a pretty substantial updating for him and my mom and grandfather to keep living in it the next 15-20yrs. Roof, siding, heating and then a bunch of cosmetic such as 3 bathroom remodels. It is a 3 bed 3 bath on Long Island. Fully paid off

He owns a 2 family house, it is rented but the rents are below market becuase it also needs updating. He does not have the $ to renovate and get it to market level rents, or doubts he does. That house is probably about $675k value now and if rehabbed closer to $795k. Market rents should be about $2300 for the 2 bed and $1750-1800 for the 1 bed.

Are their any refinance methods he could/should employ which might also be tax protected in order to accomplish the goal of renovating his primary residence while maintaining substantial cash flow on the rental property? 

Thanks for any advice.