We have a single-family long-term rental in Port Charlotte that we'd like to keep the current mortgage rate, but we do have some equity we'd like to have access to. 

The issue you are trying to solve is getting the cash in hand to purchase the new home, potentially looking at a financial product to access the equity in the property?

Unlike traditional real estate notes is something that is easy to do from afar since you do not get access to the interior anyways so there is nothing you can physically inspect.You are correct that you will get $500-$600 a month in payments but also recognize its taxed at ordinary rates... 

Or 2 baths and a powder room accessible from the common area in order to make the living room/kitchen larger?

My brother looked at about 50 houses and they all had some form of lack of permitting, back taxes, no legal road access, etc.2.  

Todd,A Reverse Mortgage or HECM loan is an Agency backed mortgage that allows you to access a portion of your equity with no payment required, the interest you're not paying gets added to the loan.

Your pro membership gives you access to those right here on BP

Some counterpoints:- The $250K in real estate is not “locked up” and can be accessed via HELOC or sale.

You can still access the main site via a web browser on your mobile device.

I did not sign up for the whole thing, but for a smaller fee, got access to the messageboards, videos and other materials.