@Nathan Gesner Funny you should say that as that is what we did yesterday ..we actually lowered it to $1685 and it looks like we have a renter  hopefully  ( fingers crossed ).Income verified , credit score etc It’s a bit low for me but we can get the mortgage paid, the heloc payments and the roof payments and still put some cash flow in  reserves each month as we will pencil out a bit.

The HELOC may or may not disappear, but it will likely be "extinguished" from the property title after auction.After a first mortgage lender forecloses and it's lien is paid off with the proceeds from the sale, any surplus funds from the foreclosure sale are distributed to creditors holding junior liens, like a second mortgage lender or judgment creditor.And by the way, YES you should serve notices prior to entry just to be safe.After you acquire the property, what is the goal? 

I'd also suggest considering getting a HELOC on any houses while they're still your primary.

To accelerate your real estate portfolio growth, leverage equity through Home Equity Lines of Credit (HELOCs) and cash-out refinancing.

You could then get a HELOC/LOC on that paid of property (a product that doesn't require you to use it) and then if you did have a big emergency you had a line to use on it.Now, ALL of this is dependent on how much money you have in the bank, how many properties you have, what your income will be like in retirement, what the standard age would be for your end of life (that's a scary one to think about), and while yes, you can certainly take equity out I just think it would be good to sit down with a financial planner...or even some other investors that are local to you that are around your age demographic and see what they are doing.I'm glad you are thinking about this for sure.  

I would like to sell it or get a Heloc but there isn't enough equity right now so this is why we are considering a partnership.

I see a lot of conversation about HELOCs and HELs - but not a whole lot about a second mortgage as a option to get started. 

I’m considering getting a HELOC for a down payment on another property.

Should I consider private lending, HELOC or another short term lending to fund the home construction? 

But, the cash manager can't get the mortgage pay down back unless it is a credit line, credit card or Heloc, so there is then the option of higher interest paying cash accounts.I'm not much for debt preferring cash funded investments, but most investors have tiers of debt that can be offset even if only for a week or month from credit lines, HELOCs, even credit card debt.