I was introduced to a relatively new website called WealthSimple.

I will check out the website. 

Where could that money be used to generate that much value?

"Must have 3X monthly rent in pre-tax income and a 650+ credit score"  In addition, I have the applicants pay the $30-$40 fee to have me use the following website "https://biggerpockets.mysmartmove.com/" to screen their credit. 

Look up Jeremy Lambert on their website and reach out to him.At least talk with 3 brokers to get a feel for who and what is out there.

@Matthew DrouinThat is a great position to be in.Now with regards to the refinancing options and how much you should take out, I'd say it depends on what your plans are.If you are planning on holding onto to that rental for the foreseeable future, you should stress test that property to figure out how much minimum income it needs to generate each month to meet your mortgage payments.That monthly would dictate how much you can conservatively take out after refinancing (and providing that you lender is OK with that too) without exposing yourself.Now if you have other deals that you want to pursue and you need as much cash as you can lay your hands on, you should take out as much as your lender would allow you to.Personally, I'd go for the option 1, especially if you have the  ambition is build a sound rental portfolio.

They can either have an auction on site or sell the items via their website and social media.

I noticed there was a revitalization plan on their city website, but didn't see any timeline regarding it.  

Check out bizbuysell it's the largest website for small business sales .Can search for businesses for sale in your area and see which brokers service .

It's a very user friendly website for your typical retail buyer.