I know that many people on this forum believe that a multi family unit should produce a minimum of $100.00 per door and a single family $250.00 per door on a single family.

2. refi and turn the asset into income producing?

That's not enough to justify refinance or a HELOC.I recommend selling it and getting into a property that produces better cash flow and has a better chance or appreciating.

You have 45 days after the closing of your sale to simply shop and produce a list of potential properties. 

I am 35yrs old and currently own 13 rentals which produces a nice cash flow each month.

My long term goal is to create generational type wealth via income producing properties.

(Eg 1 unit can only be 100% occupied or vacant. 50 units at 50% vacancy is still 25 units producing income. 200 units at 50% vacant is still 100 units producing revenue) 3.You have the ability to utilize OPM to acquire property and still make a healthy profit for you and your investors4.

They are working on raising rents as well, there is also some other income producing items like on site laundry, etc.

As @Oleg Shalumov said, if theres no cash flow being produced from the property, theres nothing from which to deduct.

I highly recommend looking for a GC who is reliable and produces quality work; he/she will be worth every penny!