If you are looking to tap into equity of an existing rental property, your best bet is either cash out refi using DSCR loan or 2nd equity loan.

I want to put in place some incentives for new tenants and want to know if anyone on BiggerPockets has done something similar.Here are a few ideas I have had:First Month Free: Sign a 13-month lease and get your first month freePets: No pet fee for the first 6 months, year, etcRent Discounts: Offer a discounted rent for the first month or two fortenants who sign a pre-lease agreement before a certain date.Waived Fees: Waive application fees, administrative fees, or securitydeposit for tenants who pre-lease.Free Utilities: Offer to cover utilities such as water, electricity,or internet for a certain period for tenants who sign a pre-lease.Upgrade Packages: Provide upgrades or amenities such as free parking,access to a fitness center, or a smart home package for those whopre-lease.Gift Cards or Vouchers: Offer gift cards or vouchers to localbusinesses such as restaurants, cafes, or grocery stores as a signingbonus.Flexible Lease Terms: Offer flexible lease terms, such as shorterlease lengths or the option to renew at the same rate, to incentivizetenants to pre-lease.Refer-a-Friend Program: Encourage current tenants to refer friends orfamily by offering them a reward if their referral signs a pre-leaseagreement.Early Move-In: Allow tenants who pre-lease to move in a few days earlyat no additional cost.Guaranteed Parking: If parking is limited, offer guaranteed parkingspots for tenants who sign a pre-lease agreement.

If you're at a loss and paying off the shortage still puts you at a loss I think your best bet is selling, or seeing how you can get more income from current rents by making it mid term/seasonal or an air bnb. 

You might have to pay for a detailed estimate, but sometimes you can get them free. 

But now you also have a free and clear property with equity concentrated. 

If house hacking is in the plans that can be a great strategy.Please feel free to DM me if I can help in anywayHope that helps!

Feel free to call me.  

Also, shameless plug my wife and I are Realtors so feel free to reach privately if you would like to chat in more detail :)Cheers!

The website is called The Offer Sheet and you can get a limited number of properties for free but to get access to the full list to pay $200 a month with the promise of 9-12 unique properties daily. 

Feel free to give me a message, we can connect!