Mortgage rates and PMLs are 8-12% plus points right now so the deal has to be a low enough entry. 

This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money.

Do you know if a roof that was replaced due to an insurance payout can be added to the basis?

Just make sure you’re comfortable with the interest rate if going either route.  

They have had 100% occupancy at market rates and currently bring in around $2,000 per month in cash flow.

You can do this as a rate and term refinance with no cash out, or a cash out refinance. 

I already have 2 loans on the property with great interest rates that I'm not looking to replace.

You would end up saving the higher interest rate on the HELOC as well as closing costs.

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

Their lease is 6 month term with a same rate month to month however, their insurance states the rebuild of their home and fire investigation efforts are going to take 12-18 months.