We have permanent financing in place and look forward to years of rewards for it's undertaking.

@Guy GimenezIn homes built before 1978: Lead-based paint can cause permanent neurological damage, reduced intelligence, behavioral problems, and impaired memory.

My cost was sunk, so why sell at a discount and permanently kiss that money goodbye? 

I'd use the HELOC to purchase the property with all cash and then refinance with permanent debt and pay off the HELOC. 

If we carry reserves and buy properties that have little to no risk of extended periods of vacancy or permanent decreases in value, we don't have to lose sleep over debt.

You will probably only get value from 'permanent structures' that were built with a Building Permit and passed Inspections.Looking at it as a Business, you might have value based on Gross Income if you can prove it....

@Remington Lyman Here in Houston demand can be found in the city and most surrounding burbs, especially for families (schools are much better in the burbs) also, people are moving to the suburbs since more companies are instituting “permanent” remote work policies due to COVIDNo never purchased or even been to Columbus!

They also must have two forms of egress and be permanently severed from the upper unit with real ceilings and walls, not just a door that's locked at the top of the stairs, for example.

Are you looking for cash out, or are you simply refinancing short term financing with permanent financing? 

If they're way under, can you sign a more permanent lease with them that slowly increases the rent to market over the course of a year?