One option might be to explore adding air purifiers or filters directly into the system to help mitigate odors.

If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

@Polat Caglayan The majority of investors who become involved in the section 8 program do so because they purchase lousy real estate and leasing the units to section 8 tenants is the best option on the table.

I've done a lot of research and even worked on running numbers for certain options (just as an exercise), but I'm now looking forward to jumping in.

All mortgages contain a “due on sale clause” which states that the lender may, at its option accelerate (call note due) if a transfer of the property securing the note takes place.  

A Solo 401(k) may be advantageous for self-employed individuals, offering the potential for participant loans, higher contributions, and no custodian fees, as well as higher contribution limits and the option for tax-deferred or Roth contributions.This post does not create a CPA-Client relationship.

In addition to conventional loans and FHA loans, if either you or your wife are veterans, the VA also has a rehab program.I'd be happy to discuss my rehab experience both as an investor and as a mortgage broker, and at least help you think through your options. 

Your best option would be to refinance your loan (if any) and get a construction loan for the improvements.

However, if you learn the different options available and then figure out what they really want, you can often negotiate a killer deal.

How did the price compare to other options?