I do think parts will improve but like Payne Phalen I expect it to be a block by block situation. 

They could also add structure to the loan, but given this is a MF asset, there likely isn’t anything to structure around (major tenant rollover, capital improvements, etc.)Let me know if you have any other questions I might be able to help with.

I took one on my primary residence, paid no origination fees, and make no payments on it unless I use it, and only pay $70/yr maintenance fee, so if I never touch it over the life of the HELOC (10 years) I'm only out a total $700 in 10 years, which I think is reasonable for the access to the cash.

I would look at the rewards offered by the home improvement store you use.

I think they would take less since its been on the market awhile, but I'd like to have money to do improvements and cost saving measures. 

If I *can* do this, how would any outstanding loans I've taken to purchase and improve the property get split and partially paid back to my lender?

I plan to put in around $10k to modernize it and bring to comps renting for $1,300 per month, which includes all bills (water, internet, etc. )With the improvements to the area, I can see it being a long buy and hold play. 

I was already leaning to the side of just stashing the money away so it will serve either/or function, first as a down payment for your next property or money to pay major capital repairs or improvements.

Probably hard to make significant improvements though. 

Too much money out the door to only make a pittance in rentHowever I bet that could be raised over time as improvements are done .