When I studied that topic, perhaps obsessively, it unlocked a tremendous number of opportunities that I previously missed.

When I first started in Ohio I had my Realtor call the MLS and he said they unlocked a whole bunch of searches and said they don't let everyone do it.The only reason I do zips to start is when I go into a new market it helps me group where all the cash solds are.

However once I get my first property under my LLC thats free and clear, then I can unlock that equity take out a loan against it, right?

The commercial lender is going to offer you a lower LTV and a slightly higher interest rate, but it basically unlocks unlimited financing.

BP Experts - I've got my first motivated seller from direct mail campaign and I'm wondering if there's a way to unlock value from the situation.  

I know, I buy and show these sad places all the time and wonder what it would be to unlock that door every night after work to face the mess.

She had to add a door and keep it unlocked to satisfy the city.  

KEEP IT - especially if you can unlock the equity via refinance/HELOC.I’m personally a believer in the longer term value of Bay Area properties.

I am in the process, as people move out, of changing all my locks to no keyed door locks, just deadbolts, in order to force the tenants to take their keys with them (or be stupid and leave the house door unlocked).

Your HELOC won't likely unlock more than 80% LTV of funds so you could consider selling one of the two properties.