Take some time to research and explore.

The reason for refinance is to explore possibility of lowering monthly payment and possibly cash out some equity to pay off HELOC.Looking for suggestions for banks/brokerage firms that would offer competitive refinance options for an investment property.Thank you in advance.

I'm assuming there are lender specific rules which I'll explore, I'm wondering though if there is anyone with experience doing this, and if there's any issues to forecast/and ways to navigate them. 

While seller financing is always a great option, it's definitely worth it for you to explore other financing options or to see if the seller is willing to negotiate the rate down.

I have been exploring the same thing on the North Side and have found it to be pretty unrealistic with low money down on the North Side.

We work with a lot of international investors that own RE in their home country, but they always want to explore investing in the US for better cash flow, financing options & tax benefits (like the 1031 which no other country to my knowledge has in place). 

Thank you for your input everyone, I will begin exploring some different avenues for financing (seller financing and partnering).

I'd give them an ultimatum to start producing or explore other avenues to get it leased to decent tenants.

Explore all options thoroughly, but don’t get overly concerned with squeezing every last dollar out.

Once you two are mutually disappointed with how long it will take you to be financially independent, explore value add and then BRRRR.Debt is impatience expressed financially, so give him a chance to get impatient.