Question about Potential Renter and Cash Out Refinance

[Mike Lynch]

Hi,

I did a rental property analysis today after you all answered a lot of my questions over the past 2 weeks.  It looks like if I charge $1300.00 per month rent, I will have a Net Operating Income of $11,626.80,,, Debt Service of $5,270.13 ,,, Cash on Cash Return of 16.08% and Cap Rate of 10.87%... I am pretty sure that I can get $1300.00 per month for it, but maybe more?

Now, If I put a renter in the home, will a bank do a cash out refinance? Right now I have about $200,000 of equity in the home ..... My bank here in NC will not give me a HELOC, since this is not my primary residence. ..... Do you know of a bank that would give me a HELOC, if I am renting it out and do not live there. ...... I want my cake and eat it to...... I want to pull the equity out in order to invest in other properties, and have a renter in place there as well.

Is a "Cash Out Refinance" and HELOC basically the same thing? .... If not, how does it differ?

Thanks for your help! :)