You could possibly take out a HELOC and purchase a rental property.

We are currently on the lookout for a new property to add to our portfolio which will then yield us another 3-5 residential units and possible some more garage storage units. 

I was thinking of using a hard money loan for the purchase and rehab of the building and converting to a traditional loan after as I would like to hold the building.1) Is this even possible?

We want to end things amicably and as easily as possible. 

It's possible that the county may have it but since the last sale was made quite a few years ago it may not be correct.

@Anthony Ellison it would be great to meet both you guys and possibly gain some knowledge.

Then they do a quick conversion to condos in two years and raises the property value.Such buyers are most likely buying on emotions because they are purely looking for a nice home to live (not cash flow), possibly buying in that location because of proximity to family or about to start a family, etc; so they will pay top dollar.  

They like to see at least $100/unit minimum, and would prefer to see closer to $200/unit if possible when they do this quick litmus test of whether something is a good deal or not.With your numbers above it would seem that taking the 50% of your $319 and then dividing it by the three units, you'd end up with about $53/unit/month in cash flow.  

I would move now and have your family manage it if that's possible.

I need assistance on the wordage used to at least present this concept to the seller as being even a possible option.