I think this depends on the bank and of the allow helocs on rental properties at the time the loan was underwritten.

And the income approach is not typically reliable, since 2-4 unit property rents typically vary widely, depending on many factors, and the grm's (gross rent multipliers) will reflect that, therefore, causing a wide range in values.

@Ricardo T.It all depends on your risk tolerance and what gives you peace of mind.

I also work in home remodeling/building and can put you in touch with the right contractors dependent on the area.Are you using somebody you have a relationship with or are you looking for a hard money lender to fund the deal? 

Depending on which part of Chicago you are located in, the MLS is really a powerful tool for leasing.

I also want to use this time to improve my credit score since it is not in a very impressive place right now.

do you both have good credit scores? 

Depending on your market, you may have already seen a decline in occupancy.

There also may be other strategies like STR and MTR that might make sense depending on location. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.