That title is a reference to old punk rock song. 

I suppose I would have to plan for a conventional loan to buy in the future if I go this route unless I forgo the HELOC.  

I've read a bunch of Pros and Cons for going with an ARM or not. 

You're a patriot serving our country...Here's how you solve this riddle - throw the old Hulk Hogan entrance song "I am a Real American" on, close your eyes, soak it in, and see what feels good.

Hi @Alex Song, I see two ways to do this.1.

Just weighing the options for going to the PRO account.

I’m thinking about sending him a message that “based on his lack of response, that I’m led to believe that he is not interested in pursuing the sublease anymore and that he would like to forgo use of the lanai.

Here's what I can foresee:  they get an appraisal, realize it's $150,000 (or some massive number) less than contract price, decide to forgo earnest money and cancel the deal.  

Like Paul Simon song there are 50 ways to get in trouble with a sub too .. for the undercapitalized investor. bottom line if you cant pay the mortgage off either with refi or cash its hugely risky for all parties.

Depending where you are, and what your scenario is, refinancing may cost you in taxes and fees.Where a heloc, is borrowed money, and theres no taxes.Good on ya for going at #2, all the best!