My current financial situation only allows me to deal with lower income properties.

Notify him as soon as possible that you will not renew his lease because you are planning "improvements" to the unit.

No, I don't have any financial interest in Victor Pest and I don't sell Rat Zappers... glad you brought this up, its time for new batteries.... good luck

My situation: $135k HELOC, ~$5k in cash, and good credit score with steady primary income as a Financial Analyst(meaning I should probably know this answer haha).

That's hard to say from the information provided as we don't know your whole financial picture. 

Even small improvements never go as planned, bigger jobs will have delays and unforeseen problems. doing this with tenants in place could prove to be disastrous.

I had forgotten that I meant to suggest some changes that I thought could really improve the user experience when using some of these calculators. 

A little overwhelmed, but I do have some experience with managing the financials and paperwork for 20 single families in Nevada for the past 10 years.

Another option is to go interest only from a private source at 7%, same 1M loan on the asset, highly flexible and no additional fees as we have already got the construction loan in place on title.Currently leaning toward the private option, it could,  based on flexibility, allow me to improve my balance sheet and down the road approaching other lenders to get more of a residential type product given the property has 3 titles, rather than pursuing a blanket type loan through the commercial office.Downsides of the private loan include the interest only payments don't allow me to amortize the building, and the rate is higher.  

I have some of that, too.Commercial and seller financed loans (Like Frank's early on) have balloons, calls, variable rates and can bother you for your financials every year.