He has not completely his work - there are still outstanding items on his end.

My options are basically 1)  Long-term rental agreement with lots of outstanding questions, 2) leave the house vacant and eat the cost of my mortgage every month, or 3) set up my house as a short-term rental. 

But not sure if I'm ready, due to an outstanding debt.

You want to make sure that the correct lien is foreclosing, most likely the 1st in your situation, and that there aren't any other outstanding liens that would be a problem.If the numbers make sense, I'd take out a HELOC and do what you're planning to.

I work as a Hospice and Palliative Registered Nurse and have been to a lot of Residential Assisted Living Facilities in our community and I recognized that there is a huge need for facilities that can provide outstanding quality of care to our elderly population, hence the investment for a RAL.

We are buying a $16M 10% cap rate assisted facility with 100% debt and the only outstanding piece is a guarantor for the 2nd position mezzanine financing.Here is our capital stack:80% 1st position non recourse debt - 4.5% floating over LIBOR interest20% 2nd position recourse debt - 13% interestPlus $2M in 1031 investor funds as working capital.Considering the deal has 100% debt service, however there is enough working capital on the side lines to sufficiently cover debt service in case of poor cash flow until the refinance event, what is the cost range for having an investor come in as the guarantor on the 2nd lien?

I have 10% down, everyone wants to see 20% PLUS 4% of all outstanding mortgage balances.

A professional appraisal will give you the most accurate value.Subtract any outstanding mortgages or liens from the market value to reveal the equity. 

Adam McCarthy did an outstanding job utilizing his sources to find the deal, secure great terms, a thorough inspection, and detailed paperwork from his syndication attorney.Everything happened so quickly and throughout the process I was able to learn a ton of information that will help with future deals.

@Alec Burton hey Alec, i am not local to you but all i do is rent by the room. the lenders i use are nationwide. happy to give you their info!