I couldn't find any great comps with same bed bath counts really close by that supported a higher value.

I was recently denied a credit line increase.I recently got an unsolicited credit line increase on a store card. 

interesting I will take a stab at it.most would tell you to do the first option.but if you will sleep better do the second one.. and most likely they will just tell you keep making your payments as agreed. as long as you did not fib on your application in other words your employment changed without you knowing in advance.. if you knew in advance you were not going to be employed and they asked you that and you fibbed then that is mortgage fraud.. and the choice 3 would put the file to bed . although depending on who did the mortgage for you they wont like it they have to pay their rebates back and such with that early of payoff.

I've been trying to get a home equity loan or line of credit and have just been told by one lender that I must have made 6 payment on my first mortgage since I refinanced. 

I finally bought a 3 bed 1 bath house that has a mother in law suite attached to it.

He's got 70% of your money before even half the work was done...that leaves little incentive to come finish the job.Plus not sure how you measuring work completed but hopefully it was by line items complete.

I'm a but surprised about that rent for a 2 bed.

You can take an equity line out on an investment property but not a home equity you don't live in.

The units I am renovating are 3 3 Bed / 1 Bath units, about 1,100 sf each. 

This gets your ratios in line with our guidelines.