My heloc interest rate is 2% over prime at 10 years. 

Here is some more info on each of these products: HOMESTYLE RENOVATION: Product Overview Combines home purchase or refinance (limited cash out) with home improvement financing in one loan with one closingProvides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50% of the "as-completed" appraised value of the property with a first mortgage, rather than a second mortgage, HELOC, or other more costly financing method.Funds can be used for repairs or renovations that are permanently affixed and add value to the property.Primary residences as well as second homes and investment properties are eligible.NO MOBILE/MANUFACTURED HOMESRequired LTV's: Primary Homes:-1-4 Units-620 FICO Minimum (660 High Balance)-95% LTV 1 Unit-85% LTV 2 Unit-75% LTV 3-4 Unit- Minimum 680 Credit scoreSecond Homes -1 Unit - 90% LTV -700 FICO Minimum Investment Properties:-1 Unit - 85% LTV Purchase Only (75% LTV Limited Cash Out)- 720 FICO Minimum-2-4 Unit Investment Properties - NOT ALLOWED WITH THIS PRODUCT!

We got the bottom apartment looking decent after 2 weeks and I went back to work.After and before work I would finish the bottom apartment or work on the upstairs replacing and repairing.My plan was to take the equity we put in and use it to purchase additional properties.Unbeknownst to me one fateful day the oil company delivered oil to the house, to a boiler that was outside, a tank that was not hooked up, and a homeowner that didn’t want or order it.100 Gallons of fuel oil later and we were dealing with the DEC and contamination cleanup.The appraiser, that I was getting from the bank to explore a HELOC, came the same day as the oil spill and still appraised the house during the chaos of the morning and afternoon.The bank would not lend on the house due to the spill (which we are still cleaning up) but the appraiser did set the value at 104K.We keep dealing with the cleanup, and have been for months, and it seems to be coming along.I decided to empty my retirement in order to purchase another property while we wait for the cleanup to be finished.

I'm working on a seller financing situation where my seller states he only has a small HELOC on the property.

What about taking a HELOC?

Typically it works something like this (I'll use round numbers to keep it simple):- You have a house worth $200k- Let's say your current mortgage balance is $100k (50% LTV)- You find a lender that will give you a HELOC up to 80% LTV- 80% LTV on a $200k house is $160k, but you already have a mortgage for $100k so that would leave 30% equity (or $60k) available for the new HELOCIf you end up getting a HELOC with a $60k limit, your original mortgage payment won't change and you'll just make payments on the HELOC as you use it according to whatever the terms of the HELOC are.Make sense?

Keep in mind many HELOCS require you to bring them to a zero balance at least 1x per year so if you are not prepared to do that somehow with your Option #2 it may put you in a bind.I like #3 so long as the numbers make sense in keeping your current home as a rental (and don't over leverage...). 

My bank is offering me a substantial HELOC on my current property.

@Johanna Serna Looks like you would get about 50K max from a cashout refin / HELOC.

My initial plan was to keep the house (since I don't have a place of my own), get a heloc, pay off the cards, and get into another project, but sadly the numbers didn't work out, so I'll have to sell it to afford the next house.