The basic process is illustrated below.To keep this post in a reasonable length I will focus only on the first 5 steps, which if done well will make the remaining steps minimal effort on you.Define Your Goals and Resources"If you don't know where you are going, you might wind up someplace else." ...Yogi BerraWithout defining your goals, it will be hard to know where to start the journey and to see whether you can reach your goals.

I recommend including numbers to illustrate what you are tying to do.  

I am protecting myself, documenting my interaction with the tenants, have documentation of text messages illustrating that last night was the first time I ever was made aware of the situation and was sending over a certified plumber there today to inspect all heating units/systems in each of the three units to ensure proper working order.

I share this not to brag but to illustrate that anything is possible.

s to $ per sq ft, if need be to illustrate the relationships between the values.It may still be rejected with no counter, but at least you'll have made your case.If you're rebuffed again, move on.

I'm sure it depends a lot, but for this situation, examples would help illustrate it better. 

@Heath Thomas Jr well that illustrates a small, but practical reason of why it is important to use an agent who knows what they are doing.

I thought it was funny and illustrated your point well.

Its a concept illustrating the compound effect when one strategically looks to enhance their network with 'connectors' aka people who's main intention is to be a resource for other high net worth individuals.

Recently sold comps are what you use.The Heloc will produce the same result.  80% of property value minus amount you still owe (80% x $600K = $480K - $477K = $3K).Therefore, currently your best option would be a LOC.As for your last question I think I already answered it.I agree that the refi may not be his best option for cash out re-finance purposes for the reasons illustrated, however it may still be worth while if he is able to get his rate and payments down significantly from the FHA rate he is currently paying.