Removing the previous tenants that hadn't paid rent or electric in years, new floors, new vanities, new toilets, cleaning the cabinets and shower to make them look new again and repairing all electric, windows, etc.

I have effectively raised the NOI by $8,000 annually.

I have effectively raised the NOI by $8,000 annually.

The best idea would be to clean and re-point the bricks (if needed). 

When we compare the condo rentals to that of our SFH rentals, condos are cost effective and a lot less maintenance. 

https://www.biggerpockets.com/member-blogs/10042/64779-8-ways-to-effectively-hunt-for-your-vacation-house-4-free

Tenant is incentivized to keep the apartment clean, ready to show, grant access, etc.

I think there are some tax effects to a HELOC vs. a traditional mortgage, in that HELOC interest may not be tax deductible. 

He wants to buy the property himself but he says needs about 1 year to clean his credit record to get a loan.

In the situation you're describing it take me 4 days for a 2 bedroom 1.5 bathroom unit unless I'm replacing floor covering in which case it's usually a full week and maybe almost 2 weeks.In 4 days, worst case 5 days, I can get a thorough cleaning and painting, inside and out, even removing doors from hinges if needed.In that time window I can also have a plumber replace a faucet or an electrician replace a bathroom vent fan, minor stuff, if needed.