That should allow you to do a purely financial decision based upon numbers and then you can add in your personal needs and desires for cash flow or if you can afford to keep the property and subsidize it for repairs and such then that might be your preference.

The listing has disappeared from the web site where you had to submit offers to.My agent had called and got the standard reply "the bank has all the offers but has not made a decision".How long does it take the bank to make a decision?

It could be that she rehabs properties, puts tenants in place, and sells "turnkey" rentals to other investors, or as you said, perhaps she is adjusting her portfolio and trading up.

Avoid a decision based on emotion.

Find your niche in real estate and learn as much as you can for free and then you can make a better educated decision if you buy some programs or pay for a coach....Always check references and ask other investor's about anyone you work with.

I know that even though this is my house and I like it, that I need to think about this as a business decision.

Many lenders can make such decisions and hold the loan in wholesale blocks to be sold at a later date.Among such professionals funded with this issue (current employment) has been a doctor, a lawyer, an engineer, a pilot and an FBI Agent.

New product type for me and I trade mortgages for a living).Ideally I'm looking for 30 yr fixed but most lenders I speak to direct lending through their commercial lending group when a LLC is involved.

George, just do the math to make the best decision for you here. if you do have the HELOC in place, the interest (although variable) is very low right now and you would have no fees since it is already in place.

Once you know if these are actual real problems you can make a better decision.