I've read several articles, but still not sure of my next step.

He bought the place several years ago for $500K and has an additional $150k HELOC on it that may or may not have a balance. 

There are any number of things that can happen where that revenue can go away or severely diminish in value.The ATM could have a monthly withdrawal volume rate that has to be achieved or they could reduce rent or terminate the primary term of lease early.

I have read several of the books, listened to many podcasts, and read a lot of the forum threads.

@Neddie Smith I was in a similar situation with a partner of mine (technically, my partner's pension fund) and we discussed this with a very experienced and competent attorney several times. 

That shut her up, and apparently she called her mother, as they rent was delivered within several hours.  

My business partner has quite a few co-workers who have several rental properties and they have encouraged us to look into rental properties.

Industrial property with several thousand square feet of vacant space that could be used for development. 

He is older, and wants to have an income stream for the next several years in case he or his wife end up in assisted living. 

@Etahn Smith, I've worked with Eastern 1031 Starker Exchange, LLC on several deals.