I would not rent a house with 4 beds and 1 bathroom on another floor unless I had no other option, or was just getting started in life.I’d comp this below other similarly sized assets, but it’s all about the numbers.

In fact, even no one else and lose another month of rental income would be a safer option than to allow this person.

A home equity loan gives you an option of having fixed debt which is safer if you plan on using it to buy a long term rental buy and hold scenario.

Do manufactured/mobile home dealers provide seller financing option to buyers? 

I've thought of a HELOC but looking for a longer term solution.Are there any other options?

That's not secured by property, but backed by equity in a range of businesses.

In the middle of those two extremes might be a small business with 3 years left on their lease, but they've made improvements to the property that aren't cheap to remove, such as perhaps a dental office (dentists might be pissed that I put them in the mid-risk category, but all the dentists going out of business in 2020-2021 taught us that American consumers apparently regard dental care as an optional and "luxury" spending item). 

Ask to see a copy of the lease and look for the length of lease, current rent amount, tenant obligations like paying for utilities and adhering to house rules and look for Landlord obligations like things the landlord may currently being paying for (like trash and water)Make sure to have an assignment of the lease and clear language on the security deposit WITH interest shall be transferred to the new owner at settlement.Consider tenant quality - what’s their payment history looked like, obtain rent receipts or bank statements from the seller to review on-time payment history.

We're developing units in the backyard of a property, with the numbers looking promising:Purchase Price: $1MConstruction Costs: $1MCost of Capital: $200KAfter Repair Value (ARV): ~$3MProjected Profit: $500K - $1MTimeline: 9 monthsTo finance this, we're raising $500K in equity and securing $1.5M in debt.

However, the good news is that there are other planning options available where you don't need a real estate license.