Also, be aware that HELOCs can be cancelled by the bank with no warning.

Inquire.If it needs light rehab we've found tenants actually love the idea they'll be moving into a unit with fresh floors, paint, etc.

Brian Dalton those are a lot of great points, but i do want to focus on commercial multi family apartments that generate that residual income. starting off small at first then build my portfolio to bigger deals. but thats kind if where my head is. if any light to share or opinions on this please feel free to let ne know. thank you for your time

I had something like this years ago - it was in Commerce City - It was house on light industrial zoning, there were houses up and down the block with the same zoning.

They had some electric work that needed to be done for inspection compliance and altered some lights.  

I'd hate to end up with an empty lot after light rehab and a year of renting (Murphy's Law is not my friend).

Doesn't seem very profitable to me in light of the investment required

If your 400,000 is in line with the appraisal you may get a green light.  

They will jump through all the hoops, but ONLY when a specific light at the end of the tunnel (the house) is identified. 

My husband went to check it out instead when she was available that day and with the technician on the phone determined that something more serious than lighting the pilot switch was going on.