We're assuming we'll remain at or near existing rents for the next few years, and planning on it if our current tenants stay. 

Take existing material, repackage it and remove all the negative aspects, then do a hard sell over the web?

They do exist.

The product does exist.

You will probably be better served with a new partnership LLC that you both own, rather than buying it with an existing business that only one of you owns.

In my opinion, if a business does not have a website, then it does not exist.4.

Full disclosure I help dispo deals for REI Nation who operates in several markets in the southern/middle part of the country. 70% of the sales go to existing clients so I think that speaks volumes to those investors experience. 

Though, don't be discouraged because these deals do exist and are still out there.

Also, to give you an idea of how the math works here is an example based on your home's values:If the lender lends up to 80% of the home's value, the maximum loan amount based on 80% LTV would be $392,000 = ($490,000 * 0.80).With your existing mortgage balance of $390,000, the remaining available equity for the HELOC would be $2,000 = ($392,000 - $390,000).Hope this helps!

Does such a conversion exist?