Head over to bank rate or and take a look at the mortgage calculators, plug in the numbers and get an idea of what the property needs to generate to satisfy the intended debt.You still have to underwrite the deal for the non-finance expenses as well(typically 40-50% of the gross rents). 

If you pay cash for something and are able to refinance at a rate that makes sense to pay off your HELOC, that's the only thing I could see making some sense. 

Crickets...At this rate, it will be 2+ years before the project is finished.Anytime you ask for a project plan or schedule you will get vague responses with no actual plan.

If you're $400 below market rate I'd give them chance to "catch up".

As @Jonathan Greene mentioned this is kind of a dated strategy in the new price/interest rate environment.

With insurance companies canceling policies and raising rates has anyone uncovered a way to self insure rental properties?  

I have other assets in Canada but I looking at bringing everything here when the exchange rate is better.

Rates will at some point allow you to refinance.  

Is it high appreciation area with a low rate mortgage?

Finally, what’s the rate of return for alternative investments?