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. 

Investment Info:Single-family residence fix & flip investment.

An ADU is a secondary dwelling unit located on the same lot as a primary residence.

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

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

I have lived in Austin for almost 20 years where I own one house that has been my primary residence for four years now. 

I don't mean to throw shade at my fellow Illinois residents, but I'm quite bearish on this state for the long-term. 

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.

It has an awesome job market, which is bringing in a lot of new residents, and that keeps the demand for housing up.

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.