Any suggestions or advise on HELOC’s are greatly appreciated as well. 

There isn't enough information in here about the current state of the house to be able to advise you, but I would think #3 is a definite no as it seems unnecessary from a cost perspective although that market has scale to accept it.

Readers are advised to seek professional advice. 

Hi everyone,I'm a junior lender on a property, and my attorney is advising me to buy out the first lender so that I can foreclose on the property myself.

.: Yes, it is advisable.

I was advised today by a retired real estate professional, who is licensed, that if you offer an application to someone for a loan, you must be licenesed by the DRE.

If a person has to ask, at all, I STRONGLY advise to use a PM service for tenant placement. 

Any advise/suggestions would be greatly appreciated.Thanks,Hiren

Which I also would tell you that if you have trouble managing finances and poor credit I strongly advise against real estate as its capital intensive and if you struggle now managing money having more money and real estate only exacerbates that issue.

For other concerns, I would and still do advise them to reach out to Investor Relations etc.