Pretty strange how things work out since I don't even own a property back home in Kansas City!

If the multi doesn't work out, that will be my plan B. 

This contractor was kind enough to work out a schedule with the tenants so they could stay in the apt.

If you convert the 2 bedroom into a 3, it could work out well.

Seems to me you need to sit down with the parties involved and work out a plan that will protect you, your tenants and the public.

It's always a good idea to have a plan B, C, and D in case plan A doesn't work out.

The son's daughter hired a lawyer so hopefully things will work out but she has a house of her own with a mortgage and can't afford to repay the loan....The downside of reverse mortgages is once the mortgagor passes the bank is more than ready to call the loan in full.

I essentially do the same thing, I buy lots that are ready to build on, then sub all the work out. 

and rural parts of N cal.. like Yreka and the smaller towns in the Seirras I would not consider them hot.. but bouncing back to where you can actually sell something.Along with most of the mid west smaller market cities unless there is intense turn key activity.

I get that interest rates are typically higher on a HEL than on a cash-out refi and that could be one drawback, but if you workout the numbers and you don't intend to hold long term I could see the benefit of having more cash available to invest immediately in other deals outweighing the cost of the additional interest.