The best option is to proceed with a cash-out refinance utilizing a DSCR loan. you can grab up to 75%LTV all by using the current tenant's lease agreements to cover the debt service requirement.

They will be snobby about the neighborhood and wouldn't do the loan if it wasn't a nice area, and only on 1950 or newer properties, but you don't have to be a Texan to get this loan on a Texas apartment building, so they're picky about the property.

Can someone share insight on a standard or common structure for loan terms when you are a private lender?

They have high loan amounts and a very long draw period and long pay back period.

DSCR loan or STR loan will get this done. 

Right now with higher interest rates you'll have to get creative with financing, like rate buy down, seller finance, or assumable loans.

I can also get a Home Equity Loan from Better Mortgage for another $70k and then sell which would reduce the taxable amount to about $130kCurious on thoughts from others if you would prefer to try and rent it out again or sell and allocate the money elsewhere. 

You need to meet tax and legal rules and work with real estate pros, loan brokers, accountants, and lawyers.

Used my VA loan and zero % down to make it happen.

If you take over the loan subject to, which we sometimes do, it stills leaves a problem with his debt to income ratio in qualifying for a new loan.