If so, why?

My question is should I take the money I have and pay off the Heloc and then when everything is sorted out borrow the money for the building, or just keep making payments and wait it out?

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Has anyone done this?  

If not, what is the sq.ft. of each unit and how many bedrooms in each?  

Based on what you wrote here, I think the lesson should have been to not chase a specific number of properties, rather chase a specific number of dollars.

Any luck with this?!

Currently rented out as a group home.

So, this may not be the thing to do when the time comes. 3.

Taking 'effective' action is what you need to do next, find out what your goal really is and work backwards in discovering what you need to do to achieve it.