@Jonathan Bock  The property has no liens so the passive income from a rental will be decent towards the new mortgage. 

Hi there,Does anyone know of a lender that will do a HELOC on a rental property in IL?

I come from the mortgage industry as a loan processor and a loan closer and those legal docs templates we used were created by a  real estate attorney, therefore, it's the same principle that allows a TC to do the same thing.

Price - $299,000Preferred Lender rate - 4.75% on a 10/6 armRent per unit - $2,000 +/-3bed | 2bath 1,500 sq feetFinancials - 25% down, 4.75% rate, monthly cash flow roughly $200Builder warranty included.

Mortgage is $920, rents for $1700House 2: 3bed 2 bath.

Perhaps I can find a private lender or use a Hard-money lender.  

For healthy investor focused mortgages check in with @Joseph Chiofalo for options and a second look.

If obtaining financing on the property the lender may require an appraisal - make sure the home appraises for the purchase price or higher.7.

I am talking with many realtors, insurance people and lenders right now to find the best deals and to compare quotes and for the numbers to be more specific and keep making sense.

If there is no mortgage balance you can try a seller financed solution..if there is a balance, it is possibly assumable?