Aside from that, you're assuming risk unless you have an attorney you've consulted and have a contract that offers you adequate protection.In your situation, I'd be sure to vet the buyer very carefully- confirm everything with his lender...using FHA requires jumping through a lot of hoops...you want to make sure the buyer is qualified before tying up your property for 45-days and he can't perform...If you are comfortable with everything, just execute the contract and send it to your title company to start the title search- along with any earnest money (if there is any).

I'm sure there are red flags and contract language I need to look out for that normal landlords with monthly tenants do not have to be aware of.Please PM me if you have been in this situation as a landlord!

@Eric Horton you should always form an LLC before conducting business or at the bare minimum seek out legal and accounting advice as to what would be best for your situation.

Your best option for the remainder of the renovation costs may be credit cards (assuming you're comfortable with that) I'll probably avoid the credit card route even though it's only a temporary situation. 

I would either have it professionally done, or remove and replace in your situation.

He has been semi retired for the last 4 years and it is not looking good on the refi right now due to his heavy income drop.What suggestions/referrals do you guys have for this situation?

Question is, do some major banks offer HELOCs on investment properties or am I going to run into this situation often?

I’d recommend the same if your family situation can handle it.

Obviously the cash flow would go up on the four now paid off units, so that would likely have it's own tax situation change.Is that 400K that was taken as 'cash out' on the original property still deductable since being used in the rental business?

I can’t afford anything in the NY Metro Area at the moment, so I’m exploring areas in:my home state of Vermont (Southern VT mainly)Keene, NYPittsburgh, PA where my brother livesKingston, NY (Upstate NY area/Catskills)North Adams, MA (college town)I’m trying to stick to areas I have some ties to since it will most likely be an out-of-state situation with a property manager.My goal is to buy a 2-4 unit property that is in decent shape, rent the units, and have one unit for myself to come to when I want to get away from NYC.I’ve been running numbers on both the rental property calculator and the BRRRR calculator with varying results.