Put grape juice in a barrel for a few months, and suddenly it's yummy wine, because you've "seasoned" the grape juice into wine.3) HELOCs require equity.

I'll just throw in another opinion that aligns with many of the others.If it's a grease clog, a jetting ($600) should get it cleared.You should only need to replace the run if it's cracked or significantly bellied. 

4 months of financials leads me to believe he juiced up the rent, I would not rely on any of the month to month tenants. underwrite long terms income only.

I didn't reassume the loan at the time he defaulted because I had a business venture that went belly up at about the same time.  

I can tell you that Rahway is a pretty hot market for fix and flips so without looking into comps, it sounds like there will be juice in the deal.

My personal thoughts, I like the senate bill much better but only for selfish reasons.I have a feeling this is going to be like the start of 83.  3 good years of a juiced economy, brakes get stomped in 86 with the reform act and then I'm sure some you remember 87. 

Prior to selling would you suggest getting this tenant out and making those improvements or is the juice not worth the squeeze?

@David BellI think @Brian Eastman provided you with a great answer.We have many clients who do comingled deals from their IRA. 

And the only reason I’m advocating for letting it go is because the juice isn’t worth the squeeze.

In other words "Is the juice worth the squeeze?"