If it cash flows, there's value add potential such that it'll produce a return for my investors, it'll withstand a drop in rents and occupancy in case of a recession, then I'm interested. 

We'd like to tap into this equity but discovered that borrowing money when an LLC is involved produces rates that are so high it's difficult (borderline impossible) to cashflow from properties in the area.We'd like to consider taking personal loans or HELOC as the rates are much more appealing and it allows us to still tap some of our personal equity.

Call some comparable properties to see how much rents they are obtaining6)  Determine any deferred maintenance needed and get an estimate of cost7)  Determine how much income the property will produce at the average market vacancy rate.8)  Estimate how much time it will take to perform the necessary repairsYou can use all this info to create a proforma to use for your bank financing and to your investors. 

Providing that the Reserve Study was competently produced and is current (should be current in California since that is the law), take a look at the 30-year funding plan paying close attention to the direction of the annual reserve contribution and whether there are any surprises such as future special assessments, bank loans, or large contribution jumps.

I believe they're only able to lend on the basis of commercial aka flip properties or income producing.

It's awesome to see that you have a solid income producing profession currently and already have a couple of cash flowing rentals!

Often times realtors will advertise a property as being "cashflowing" but in reality after cap ex, vacancy, management fees, it does not produce as well as you think. 

However, if the owner of the 2nd can't be found maybe you can get evidence produced somehow.

You calculate by putting the incoming revenue the property generates in the numerator and the property's purchase price in the denominator. 2% or more - High likelihood of a good deal1-2% - Could be a good deal Less than 1% - High likelihood it is a bad deal and will not produce positive cash flow. 

Just have a procedure in place for them to follow to report damages or maintenance requests.