Is there a reason you want to do a HELOC instead of a refi? 

I usually back this up with other reasons.

You always want to consider the reason how companies are able to offer steep discounts and cash backs.

Assuming it is allowed there is no reason not to try short term first.

If you're looking at an FHA loan to live in for a while and then go do it again, you'll have to prove that you're relocating and that you're establishing residency "outside the reasonable commuting distance from his/her existing primary residence."

This is a primary reason your CCR is so low.  

I'm considering buying this for several reasons.

For financing reasons I bought it in my name.

They call these "bandit signs" for a reason.

Real contractors don't want to take on something that someone else started, some cite liability reasons.