Using a 203k, you'll usually have quite a bit of equity that in 1-2 years you should be able to refi out of the FHA loan product into a conventional removing the MI associated with FHA loan products. 

I know what it’s like to be in your position, and I believe in paying it forward.

Business Growth: As I’m focusing on multifamily, industrial, and retail assets, any advice on how to position my company to stand out in a competitive market?

In speaking with a lender, I am told that the equity in the property can be used as collateral against the loan if owned for at least 1 year. 

It has gained some value as properties have been rehabbed or new construction has been built, but there is still a long way to go and a lot of equity to be gained.  

@Mia LawAlso look into the option of gifted equity. 

Some have more than $1 million in equity, while others have less.4.

Would a home equity loan be a viable option in this situation, especially in regards to eliminating some of the red tape I'm running into with a refinancing an scorp-owned property?

While the 4% mortgage is great, your 1M in dead equity isn't giving you a great return.

Leslie, sounds like you and your sister are in a great position with the capital and mindset to scale quickly.