If your rentals have a small loan amount remaining and you still have enough spread in between from your current loan amount to the loan to value and if that's enough money needed to fund your next deal then the Heloc will make sense for you.

In addition, owner loaned us $100,000 at 6% simple interest for one year to make major repairs (installed heat pumps, replaced boiler (for heating water only), replaced some siding and major roof repairs.)We were very clear with each other what we each wanted out of the deal.

The leases end in October and August, so if I were to buy it with a loan I would eat a part of the mortgage for four months on one property and six months on another.

Please tell me where interest rates will be when you finish your construction loan and need to put in permanent financing?

I know I have other options like selling the notes or partialling, but this question is more focused on taking collateral based loans against the notes.

This would be a land development loan.

I just had $100M in non performing private lending loans come across my desk.  

Let's say it sells for $300k for numbers sake.Since I have a loan that loan has to be paid off.

Good point, yes a house hack would be more of an owner-occupied loan with a lower downpayment instead of a DCSR loan.

Since the loans are not for my primary residence I understand that FHA and VA will not work.