The last thing they need is having a newbie wholesaler tie up their property, then walk away when they can’t flip it, leaving them no time to sell it to a real buyer. 

I don’t see tying it to one unit being smart, but I also don’t see public use being a profit center. 

Most of your costs, particularly the large ones like mortgage and taxes, will remain stable.

Before my last big career change, I refinanced my property to a very specialized 1st position Heloc that's tied to a ZBA.

Do this, and I promise you , you'll look back after you've continued along the same mental frame of mind regarding "what is a loss", and wish you had invested your remaining cash into a deal that recovered the $1500...and then some.

My other option is to notify my remaining tenant that I will not be renewing his lease and then I can set my new rent at market value for a new tenant. 

The big risk in getting massively invested in your employer is that you have not only your income, but a large percentage of your wealth tied to the performance of that one company.

Before refinancing, I think I have decided to complete some of the remaining rehab items (new roof, replace linoleum with tile, replace formica countertops with stone - probably quartz. 

Although the local market has diversified in recent years, there are still significant ties to the offshore oil/gas industry. 

This market won't go on it's current trajectory forever (though whether it's a rerun of '06 or '71 remains to be seen).