Creative Ways to expand real estate, financing question

[Austin Tondreau]

Hello BiggerPockets, 

Looking for, well exactly what the title says, creative real estate financing. My goal is to grow, but to use less of my personal funds than I have done in the past, traditionally. I don't wish to expand too rapidly but get closer to buying 1 new property every year.  I do all the work myself, usually. 

Back Story;

I don't have enough cash, or not currently aware of better alternatives, to putting 25% down on rental specific properties. So I have been purchasing properties as a primary residence, living in them for around 1 - 3 years while renovating them completely, I then do a traditional refinance to lower my monthly payment, move out and rent it. So in essence, the BRRRR strategy (even though I live in them). This allows me to put 5% down, and increase the properties value which in turn lowers my monthly payment by creating more equity. But slows my growth process.

First Property: 

Condo - In fall of 2018, I purchased for $160k, I paid for the down payment with a 401k loan (not smart but I paid it back). I put a brand new kitchen/ 2 brand new bathrooms/ garage door on/ tons of other random odds and ends, all paid for from bonuses from work. Refinanced with the value coming in at $186k. Value is probably higher with the crazy market (there is another unit similar selling for $240k currently). This process decreased my monthly payment by $200ish a month. With my current rent, I bring in around $450 a month. But I was stuck in the property for three years trying to raise funds to complete everything. 

Second property: 
A few month after I refinanced the condo, the bank to grant me a mortgage for a house while turning the condo into a rental. I purchased a house in January of 2021 for $240k. I used a 401k loan for the down payment of 5% (again bad idea but I have paid it off). I have put around $25,000 into the house all from savings/ bonuses from work. I have put a brand new kitchen and brand new bathrooms (converting a 1.5 bath house into a full 2 bath house), installed a fence, redid/ removed all the cast iron pipes and galvanized and converted to PVC and copper. Doing the work myself saves me a ton of money, just can be annoying living in a constant construction zone. I still have another $15-$25,000 left to spend on this house between a few more interior projects, but the bulk of that will be to either add a second driveway (or expand the existing one), and to either repaint or reside the whole house (it has the original masonite siding, its chipping all over. Paint would probably buy me another 3-5+ years. At a minimum the house needs gutters/ facia/ soffit covers.). Ideally I would like to be moved out of this property before the fall and convert it into a rental. Estimated worth after renovations based on comps, $350k. Estimated rental income per month on property $800 - $1000 a month (depending on appraisal and new monthly mortgage from the refinance). 

I would like to move away from constantly draining my savings account and using all my bonuses to renovate these properties. I have no issues investing my own money into my properties, but its a pain to use almost every last dollar I make on them. Because by doing so it slows my ability to pay off student loans faster/ hobbies/ enjoy life (vacations). I probably wont purchase another property until the market lowers, cost of everything is way too inflated, I will also most likely start investing in a new market out of state because properties are cheaper and I can expand faster. I have also started a business plan for a self storage facility in a different state, numbers look decently promising as the land would be gifted to me for free.... but with dumping every last dollar I make into these properties it does not leave me with much cash left over to fund new deals. So I would like to find creative ways to fund my deals. Here are a few I have considered, let me know your thoughts?

Cash Out Refinance: I like this idea, as it would allow me to pull out most (if not all) of the money I have invested into the house. I could then use that money to buy another property. What I don't like, is it would dramatically increase my monthly mortgage thus I have less rental profit per month. 

HELOC: I also like this idea, but with only investing 5% into properties when I first purchase them, it makes this option impossible.

Balloon Loan: I have considered these as well, I figured it would be a good way to fund deals while keeping my payments loan. It just seems tricky to make the numbers work in my favor.