—just know I’m serious.Goals:Short-Term: Survive my first property acquisition and placing a tenant. 

Unfortunately this was held way too long due to a number of factors, including COVID, city planning and permit delays, delays in construction and materials, and additional delays by city.

I rented out my condo (short term - midterm) to move in with him, and now he is ready to rent out his single family home (long term).  

You will get a better rate and terms, experience, and a faster closing going wholesale than you would going with a retail lender. 

Here is what I've learned following interest rates for a long time...If you listen carefully to the experts, they are wrong 50% of the time. 

I’m from Long Island with similar price points and rental laws to NJ.

Yes, you should be able to do this, so long as the DTI for the Conventional loan works once the new minimum pmt on the Heloc is factored into your debts.

Besides, it will be easier to find a replacement tenant in July than it will be in November.Let him terminate without penalty as long as he agrees to let you schedule showings to potential renters and helps find a replacement.

The building is effectively 50% commercial and 50% residential (both in SF as well as projected rent roll).

I passed because the terms just didn't cut it.