Your equity is $61,400 (you also paid something to renovate but I'm not sure we need to care too much about that for this example).

And again, you'll get advice from posters that could not care less whether you follow it to the "T". 

There are some legal considerations as well as practical considerations 1.  

Be careful following the advice of strangers on the information superhighway.

Contractors will make or break your rehab. 2. get 3 quotes for everything. 3. closing costs for refinancing is not cheap and you definitely need to take that into consideration when running your numbers. 

There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues.

I kind of like the idea of wholesaling out of state leads, however, with subj to i would be VERY careful who you sell those to. 

I would get an exterminator to take care of it since its a rental and that way they know you are trying to resolve it.

I'm a GC as well and did the math, the Heloc would save considerable interest because it would average on 33% of the balance borrowed at any one time (and thats assuming constant deal flow).  

Does the bank take into consideration the income from the other units?