And if so, any recommendations for a lender in the Indianapolis area?

I am not evicting them because they are still paying the rent but I don't want to continue leasing to them come Oct 1.If I give them notice of non renewal long before the lease expires, they will get angry and thrash the place.

Once you think you are in the ball park, get connected to a lender that can tell you exactly what you will qualify for!

Help me evaluate this off market deal that's non-traditional.

I'm looking for a new lender for this HELOC product and I see this as the only solution if I'm going to keep my low-rate, first position mortgage intact.

However, always double-check with your lender to be sure.

Or should I rather seek a hard money lender?

Do DSCR lenders require the 20% down payment like traditional loan products.

Dividends usually begin in years 2 or 3 of the policy and your illustration should show this (guaranteed and non-guaranteed views).  

Quote from @Kellie Powell: Sometimes hiring a contractor to do a project here and there will save you time...which costs you money.This is where most non-Contractors go wrong.