Investment Info:Single-family residence buy & hold investment.

If that means renting out part of your residence, that's great for cash flow and experience. 

To simplify the existing lease I thought about asking the tenant if they would be ok modifying the addendums to get rid of the resident benefit package and the building protection plan. 

Depending on comfort and cash, it might be a viable option as you can build equity and then sell without having capital gains, assuming it's your primary residence and you've lived there for 2 years.

If you feel ambitious, you could try a BRRR strategy adding additional equity to the subject home and then taking equity out of it to pay off either the HELOC or if you decided to the refinance the primary residence. 

Investment Info:Single-family residence buy & hold investment.

You’re also going to have a 25% depreciation recapture on 3.6% (got) per year on the building value, 10 years in your case…so random guessing.

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Take advantage of the Capital Gain deduction of $250,000 in primary residence per “spouse”.   2.  

The loan does need to be secured by the property being improved if we are talking about a personal residence and personal itemized deductions on Schedule A.