You get the best of both worlds in that way: No seasoning to pull cash out AND the conventional rate/costs and no pre-payment penalty which are all better then DSCR loans.

I enquired about the HELOC on the rental property and I am not getting good terms that work out.

I’m going to suggest to find an experienced real estate investor/flipper/wholesaler you’re comfortable with and work out some type of partnering arrangement. 

Tried the sales thing a long time ago but it didn't work out for me.Regardless I've still pursued investing and small business ownership over the years and have owned multiple properties throughout my life.

I've had other real estate challenges and 1031 exchanges that have pre occupied my time.

Get Pre-Approval from Hard Money Lender.2.

If Union City’s numbers don’t work, out-of-state rentals in more affordable markets might offer better cash flow.Good luck!

Raise the $600K, do the pre-development work, then “sell” the property to NewCo.  

Do you have one plan or a plan with supplementals such as liability?

Pre-pandemic we were averaging closer to 2%+ on most rentals, meaning if you were all in for $100K, the rents were closer to $2K.