Reducing interest payments can free up funds for other financial objectives.Since you're in Kansas City, look into the local real estate market.

But heads up, a HELOC is like a rollercoaster – the interest rates can go up and down, so your monthly payments might do the same.

I hired the professional guys for this and it cost about $4500, but that was for the whole friggin basement.The other thing that I would do is to tell this tenant that they are welcome to leave and move out and go somewhere else at any time, and I will gladly let them out of their lease early providing that they are current on their payments and haven't caused any damage.

Subject-to financing a bit complex, but it involves the buyer taking over payments.

You did not indicate where the money is coming from but if taking out a construction loan, the loan payment will likely exceed $1k if using construction loan (will be a little less if using heloc).  

Whether your objective is to generate rental income, create equity, or both, having well-defined goals can help you make informed decisions.Analyse your income, savings, and possible down payment in relation to your present financial status.

I am saving up for a down payment for my first rental property and I’m looking to do seller financing.

I would also potentially consider just doing the BRRR method on single family homes.

I have a property manager that handles payments/tenant screening so I don't need anything too fancy yet, but I liked the dashboard visuals to see where things were at, and to be able to have all of my transactions and my PMs in one place for tax time.

If your loan is a short term loan with a balloon payment, then you are likely going to be required to refinance or pay off the balance.