Are you needing a long term or bridge loan?

Draws in good demand for long term rentals as well as appreciation. 

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it.

We are now doing short term rentals but we're thinking about changing to a small wedding venue. 

I am a long term hold investor so that would likely be my play.Good luck Sean!

Tenants are stable long term residents, and property is located in a desirable school district.

Hi David, If building long-term equity and scaling quickly are priorities, then option 2 aligns better for you. 

This allows for deferral of capital gains taxes until December 31, 2026, with potential reductions in the taxable amount if held long-term.

Personally If you like your current residence and hope to stay there long term I would forgo major improvements on my primary and use all investment savings to make you more money and cash flow. 

The strategy there is more about long-term appreciation since cash flow can be razor-thin.