@Ramona Beyer,I agree with @Dani Beit-Or reply, the numbers make this a good deal, but however you have other due diligence that comes into effect to see if you should buy it (Location, Vacancy, type of tenants, etc) if you like what you diligence finds, then buy it.Now for your second question, i think determines what your interest rates are for you HELOC, if you would get better rates with a mortgage go with the refinance, also if your able to put some equity in the property you might look into a BRRRR methodCheers,Anthony

This type of financing is expensive but for someone in your situation could work.

is it A,B,C type property?      

***Additionally, a mortgage broker that is able to take a tenant-buyer's option consideration that is paid to me (wholesale lease option deal), and either apply that consideration towards the TB's down payment when the exercise their right to purchase ORdiscount the price of the house.Typically the consideration goes through a third-party escrow account (my attorney's), and that helps with the above.Typically mortgage brokers who understand this type of situation will only submit financing applications to banks they have great relationships and won't have an issue with this type of thing.Thanks in advance!!

This type of project I believe has tremendous merit and I would love to be more involved in pushing these initiatives forward.  

Hi Lloyd, what type of syndication are you trying to set up?

Your contractor should be familiar with this type of financing.

What type and size of investment do you have, ( Single family, apartment, etc...)  

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But usually on a referral to another agent type arrangement.