Now you see how expensive dining and living rooms are that could be converted. 

I need to convert it to a business checking, but have not done so yet.

Most take 6-9 months to find the right asset to buy but occasionally some convert within 90 days.

I asked if the equity shared will be converted back to notes, or if that part of it was permanent (which begs the question how do we get our money back?).

Several factors at play: the sales market has been slow so many would-be sellers are converting houses they can’t sell to rentals, lots of new construction units have been completed recently, and in-migration has slowed down a bit.

During this 24-month period, the property must be rented to another person at a fair market rental value.After the 24 month period your sibling could convert it into a primary residence.

Tenant buyers that put a high option fee have almost always exercised the option and purchased the property. someone puts 50k towards the option I suspect that has a high potential to convert.. someone that does 10k much less..

The rental is currently cash negative and our thought is by converting the unused storage unit it would bring cash flow into the positive.

With the HELOC and then converting it to a term loan you will probably be paying higher interest and/or shorter amortization period on conversion which will mean higher monthly payments.

Converting blight to cash flow has two rewards, the first is that you don't have to hunt for opportunity that shouldn't exist (i.e, investors selling positive cash flow which require little to no CapEx).