Same goes with Trustor or Mortgagor payments.  

Treat this property as a business and factor in all the associated expenses, including mortgage payments (if you pull a loan), maintenance, and potential vacancy periods.To simplify management and make this less of a hands-on job, I’d strongly recommend working with a property management company.

Until the house goes through the foreclosure process, I am making monthly interest payments.

Here are a few stats which should raise an eyebrow about Detroit $1 billion invested in more than 4,600 units of affordable housing over the past five years Job growth with more than 25,000 more Detroiters employed since 2014 A return to investment grade bond status for the first time since 2009Reductions in crime beating national trends, including the fewest homicides in 57 years Successfully hosting the largest ever NFL Draft at 775,000 people over three days In terms of starting out in Real Estate it also makes sense to invest in Detroit considering that the entry costs are low and if you plan to buy and hold, Section 8 makes for a great partner to insure steady rent payments.

One has no mortgage, their other has a HELOC for around $20k remaining and is coming to its 10year term that was established before placing with LLC.My predicament is how/best way to pull equity out of either property for a down payment for the 3 family that is valued around $450k.

Having a small unit that would pay half of your mortgage payment is worth way more than 20-50k. 

Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs. 

This reduces your housing payment and helps you build equity. 

As far as payment, all I wanted was my time covered and I charged a lousy $100 a month.

., the appraisal for 5+ is at least $2k-$3k) and the financing structure by lenders because Fannie/Freddie don't generally buy loans for commercial properties.So, for you personally, the biggest driver for the type of your next property is probably going to be the amount of a down payment/equity you can put in the property.