Use excess funds for HML.

I have used refinance by choice in recent times (fixed rate versus variable rate but typically the refinance loan has a higher cost) but maybe 5 years ago I looked for institutes that would provide an ELOC on non-owner occupied RE and I found a few but in excess of 90% did not offer the ELOC on non-owner occupied RE. 

Well that’s kinda cut and dry but also hard to say.

I still have dry powder and reserves and finding a better than 6+% hassle free, risk free and tax free return was more effort than it was worth in my market.When our why is clear, decisions are easy.

If the recession is severe, bank lending will dry up, these loans won’t be able to refinance and investments  will crash.  

After you get all the water out of the house, your top priority will be drying everything out quickly. 

I would start looking today, deals don't often pop up for your first time so if you think you'll be ready in Jan then chances are it'll take a few months after to actually get a deal.And finally something I did a little but not too excessively: reverse engineer. 

Sit on it until you get all of it and then buy more SFRs, use it for down payments, dry powder for opportunities that may come along, diversify your portfolio? 

My guess is that you can find an Excess (aka Surplus) lines carrier for the Vacant building and the Liability.  

I did a final walk through inspection today and the place smells excessively!