Better to concentrate on decreasing expenses and saving for now. 

Keep in mind a HELOC rate will be much higher because of the CLTV and risk.

I have some clients who prefer to have a PM for maintenance/contact/rent collection/general management and will place tenants and write leases for themselves in exchange for a reduced rate.  

Reason is a Heloc generally carries a higher rate on a shorter term and "Can Never" be used as an "Asset, or for PITI reserves" which are both required when you buy an investment property. 

Yes that’s why I want to hold onto it is obviously because of the rate. 

I’m thinking with a 2.25% rate, that’s a good mortgage to hang on to if it performs well as a rental.

I was not comfortable with the market and interest rate conditions, so I elected to hold off.

My first mortgage was almost 11% and that was a good rate.

I think most investors want to win on more than just the interest rate.

While I have a fantastic rate, the co-owner's giving me the option to refinance or he'll force a sale.