Additionally, I have a lot of clients that are private money lenders if you are ever in need of financing.

If you cannot convert it into really useable space, what if you split it in half and put coin op washer/dryers on one side for your tenants use, and on the other side, put storage areas that tenants can rent for an additional fee.

You can usually ballpark a starting point for your offer by assuming 50% expenses as long as you have a rent roll, and then re-negotiate as you move through your negotiations and discover more about the property's physical condition and financial performance. 

For all you Dave Ramsey acolytes out there I invest in real estate now because without additional income my ability to pay off my student loans at my current salary (which is a good salary) plus living expenses etc... would mean not be able to pay back those loans and be debt free for at least ten and maybe 15 or 20 years down the road.

My question is would it be possible to get another HELOC, or home equity loan, etc. for an additional 30%-40% possibly?

Can you post any additional details about your deal? 

It seems you working on a property occupied by a tenant... and performing repairs and/or alterations on the property... for the benefit of the tenants, correct?

(Sorry for the additional questions, but I know I would have these questions in my sleep.)

Also note that at least 6 months have gone by, and the bank needs to reflect this non performing loan on their books.

I'd need to charge $50-100 each time depending on location and can put that into a buyer's agreement as an additional charge to you at a future closing.