It’s like a “swing bar lock” in a hotel except it has a bar that just slides.

It did allow us to flip our Riverside, IL home, and subsequently buy our Berwyn apartment building.

A couple other thoughts after reading subsequent responses:-First, keep in mind that selling isn't the only way to pull out dead equity.

If there is a redemption period, someone reselling the property would have no affect on this, and their redemption price would be the price at the foreclosure auction, not a subsequent sale price.I can’t see double wholesale on a REO working out very often.

He paid $1B in taxes and many real people lost their homes and subsequently jobs.    

This is only a guide that could help someone else in a similar position as me.Through this post and subsequent topics I will go through a property that I flipped.

How can I benefit in a sliding market? 

Ie. using the proceeds of a cashout refi on the next deal to payoff the HELOC and tapping again for subsequent purchases.

He was an acquaintance so we let it slide.

I can't imagine having to qualify for each subsequent future property with strictly my personal income, so what forms of information and data have been proven to be sufficient in the eyes of the lenders you guys have worked with?