I have three rental properties in Southern Michigan which are currently insured through Hastings Mutual. 

The property currently consists or 3 furnished short-term rental units.

We have a low interest rate compared to today, a bunch of equity in the house, would be a reasonable cost for the investment since I’d still own the other half . 

Your competing with big national lenders that are offering financing with low rates by buying the rate down. 

My electrician is working thru options but I also want to try and think creatively as well.The one advantage here is that unit 1 is currently sharing common power, and this would allow us to split it off.

They are also self employed but showed low income (technically does not meet our monthly income requirements). 

Cash offers with low to no contingencies are typically going to be more appealing to sellers since there are less "hoops" to jump through compared to traditional financing.

Your current accountant should have the exact number that is your adjusted cost basis of the old property at their fingertips. 

My family owns four SFR's in Las Vegas and are currently looking for a property manager.

This is not to say this is the only successful method of real estate investing, but as I'm sure you're well aware, with current interest rates and overall market conditions, sourcing and acquiring LTR deals is difficult unless you're going off-market.