Should I go all in with my cash, HELOC, and investor?

[Anthony Arredondo]

I have two properties in Louisiana, but I've just relocated back to my home state of Virginia. I really want to build up a rental portfolio, and I've got about $50K cash, should have a HELOC for ~$80K soon, and also a cash investor who I'm testing the water with. There are a decent amount of distressed properties on Zillow for $50-80K here, which I'm thinking about getting into. Should I just go all in and make a cash purchase, rehab with all my resources, and refi? Or is there a smarter way to do this?