Not sure what your intentions are as you didn't indicate if this is a rental, flip or primary residence. 

And we are not talking out primary residence here. 

I have had a lot of people tell me to stay away from conversions as they have bad vacancy rates, do not rent as well as traditional duplexes and are a lot more work than traditional duplexes/triplexes ect.... 

The primary purpose was originally to be closer to my part-time job, where I intend to begin building a business out of and going full time over the next few years.

The primary objective with this strategy is to recover all (or most) of your cash investment to use on the next deal. 

. :-)I have a question about a rental property which used to be my primary home.

@John Newburg, whatever portion of your primary you elect to utilize "for business/tax purposes", be mindful that the same portion will be excluded from capital gains exemption, when selling your primary (afaik).Something to think about?

Examples: A guy with hotels who used business /personal credit cards for free flights, a guy doing private investing/hard money lending, and last month was a guy who told the story of a 12+ property deal spanning 2 states and 1 primary residence of the seller.  

And even if I am able to borrow, the rate of HELOC is much higher than a traditional mortgage, I would want to refinance to a traditional loan.

Most of the scenarios proposed to us by potential clients for such joint ventures would likely create a benefit between the parties and not pass scrutiny in an audit.There are many ways to safely and productively grow your IRA investing in non-traditional assets such as real estate in a standalone fashion,  There is no need to take unnecessary and foolish risks with your retirement savings.