I believe the property could reach my original target price if interest rates come down.My question is whether it's better to rent the property and use the 10% HELOC as my "mortgage" or do a 7.5% cash-out refinance.The HELOC has the advantage of no closing costs and potential cash flow if I don't pay down the equity.

I don't know the statistics behind Salt Lake, but I don't believe it is slowing down anytime soon.

In general I agree with @Nicholas L. but I believe over a long hold RE has been forgiving.  

I believe they have resources available to help you in situations like this, such as legal advisors.You have to get a grip on your property or this tenant is going to run you into the ground.

I cooled off (they cannot post or interact on the forums) one of these folks last week for 30 days, and I believe that Noah and Mindy have given feedback.

If you don't believe me, look at page 1 of your tax return!

I do not believe this was done.

As far as 20% down, I am not sure but I believe this is more or less consistent with the US because I don't believe banks will normally lend on rental properties for less than 20% down unless they are owner occupied.

Believe it or not some lenders have actually started to get back in the stated income game for investment purchases as well, those are 30% down.

I believe it is as simple as extending the contract date via an addendum