I’m looking to put a HELOC on it, but it will need to be converted into a condo structure for that to happen based on the product that I found and like the terms of.  

Painted and flooring throughout. repaired porches and new roof and replaced two broken windows.

Quote from @Anshuman Thakur: Can someone please shed some light on how- convert 401k to SD IRA- how to use SDIRA to buy properties- how much down payment is typically required if we are using SDiRA to only fund downpayment on a multifamily CRE, and which banks typically work with SDIRAs- how does LLC structure- property management and cash flow work in this situation?

We have converted oil boilers  to gas boilers to reduce costs. 

It would be a shame to convert it, and then down the road they tell you that you have to change it back.  

Purchase price: $665,000 Cash invested: $200,000 Remodel of 1948 Cape with Breezeway and Garage ... excellent bones in need of lots of TLC ... new Hardie Board siding, roof, gutters, windows hardwood flooring, electric rewiring, wall modifications, new kitchen cabinets and appliances, new bathroom guts What made you interested in investing in this type of deal?

I haven't seen anything better than that myself.But... converting a rental property to your primary has some different rules. 

@John Zhang Converting a long-term rental (LTR) to a short-term rental (STR) does not immediately trigger depreciation recapture, as the property remains a rental.

If everything goes well, you convert the other long-term rental to STR/MTR in a year or 2.  

You are aware that PadSplit requires you to convert your living and dining rooms into additional bedrooms, right?