Maximize HELOC on 3-Family

[Monish Lillaney]

Bought a house for 1.1mil, a three fam, put 200k into it. My cost basis is 1.3mil -- Condos are selling for 600-700k in my neighborhood for the size of one of my units. Am i better off doing a HELOC on the whole property? I'm assuming the appraisal will only come in at 1.4-1.6 mil

Whereas if I make 3 condos/deeds, refinance each, and initiate a HELOC on each, I should be able to get a 600k appraisal on each, assuming 80% LTV. I owe about 760k, and 1.8 mil at 80% is about 680k. So I'm hoping to basically get a HELOC of about 680k without selling the property. Thoughts on the best route to maximize capital without selling?

Cheers!