However, as a novice, you are lacking in experience and knowledge.

On reflection, maybe you should just do a seller carry of your condo rather than selling it as follows:1) Since the condo's value is inflated, you need a sufficient down payment so the buyer doesn't walk away from it when the market finally crashes;  (real estate is cyclical---there's someone named Bruce Norris whom you hear present at one of your local real estate clubs);2) If you can sell the condo on an interest only loan you keep the principal intact;3) You sound like a novice landlord and property management is going to be a real learning curve, or an expense;4) You won't receive the cash flow you think you will receive from a rental once you factor in repairs, taxes, insurance, property management, vacancy---the list goes on and on. 

For our daughter and her new husband to get a loan, they only need 3%, unless the CU finds out we gave them the money for the down and then it goes up to 20% again.We don't have an agent, but will probably need one since we're all novices.

The more novice investors are worried about losing everything if a tenant or someone gets injured on their rental property.

He said he talked with three banks and found the same result.I am a novice when it comes to the refinance, but I have seen forums discuss HELOC vs Conventional refinance and was wondering if it is just the certain banks he discussed with.Any insight would greatly appreciated!

Update on the new roof for the novice investors!

I'm in a unique position where as a skilled marketer (I run an agency), I am able to generate VERY solid Business Loan leads for an extremely low cost. I have been considering becoming a Commercial Loan Broker for thi...

Your plan has to many moving parts for such a novice investor, I would keep it simple for now and sell and purchase couple more inexpensive investments and get a higher return on your investment. 

I am a complete novice to Real Estate, so any and all advice, guidance  would be greatly appreciated.

@Sarah Buchanan my (completely novice non-expert) opinion is that it's better to lose a few months rent waiting for the right tenant than to rent it right away to the wrong tenant and have to deal with an eviction.