If you have a proof of concept and there is enough meat on the bone this could work although that would be very generous of you to exchange equity for working capital if they are not bringing anything else to the table.

My suggestion is to sell all four investment properties and trade up to a larger multi-family property using a 1031 exchange and start realizing some economies of scale.

Alternatively, you could buy cash and then get a private lender to loan you money in exchange for a 1st lien position (ie be the bank).

I'm considering a 1031 exchange out of New York to a property closer to my location. 

CIR, the memorandum for Inspections of Sections 469(g) and 121, scoured the web, and have attempted to find an attorney/CPA with no luck to help me answer a the question stated below:I am selling a home (currently in escrow) in the Bay Area that I have owned as my primary residence jointly with my parents since 2004 (not purchased in a like-kind 1031 exchange).

Yes @Samuel Chua foreign investors can do 1031 exchanges to defer tax. 

The seller was in a 1031 exchange with another property in which he was already non-refundable on his earnest money.

I ended up waiving Marchs rent in exchange for the tenant fixing the shower surround and any drywall patching that was needed from the plumbers repairs.

If I have to sell, most likely will be moved towards a 1031 exchange.

Money in exchange for equity, HELOC is generally easier to get, it's like a credit card, use it as you wish or draw on it as needed.