More than likely there is another investor that encountered the same challenge that they were able to overcome.

I also don't understand why you would want to tie up your cash so long without the benefits of owning the properties.The scenario of you buying a few now and the rest in a couple years seems to be the most appealing for you both, why are you adverse to that?

Went well, there were a couple hiccups but they worked hard to overcome them and it turned out alright. 

I need some cash flow to overcome my recent termination, $1-4000 would be good, much less than my w2 income but won’t be greedy.  

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

While designed to protect tenants, rent control has adverse effects on the broader rental market.

Otherwise, we there until rates start to dip a little bit.Hopefully the 3 tenants will help in overcoming that rate until you can refinance down the road.

It is likely better to under charge on rent than over charge as vacancy can quickly overcome the rent delta.  

If he has low income or is risk adverse pay it off.

What barriers did you have to overcome to said disposition?