I'd be willing to bet they coded in an override or factory reset into the control panel anticipating codes would be forgotten or it becomes locked.

My recommendation would be researching the market on median rent, anticipated rent growth, alongside projections for values.

In both cases, I would want to refi from a bridge loan into a 30yr and would prefer non-doc / low doc lenders non-qm etc…both have projects that are going longer than anticipated, short term hard money type loans coming due, and I’d like to just pay off the hard money to get that off my back.  

Anticipating a $300 per unit cashflow which should take my annual rental income north of $100k.Which of the above scenarios make the most sense?

If inflation remains stubbornly high, tightening will occur sooner than anticipated.

The HELOC can act as a safety net, in the event we go over budget or find something we don't anticipate in our renovation.

We definitely spent double what we originally budgeted, but during the rehab the market went crazy and we sold if for much more than we anticipated.

Initially I planned on refinancing these into a conventional loan after a few years but with interest rates being so loan now and I anticipate they will be high by next year I'm not sure if that will work.

Remodel was more then anticipated - rent estimates are not higher then originally anticipated.

There's nothing wrong with rent stabilized properties, as long as you're collecting the anticipated/expected rent.