Second issue is that it would be really difficult to cash flow, while paying both notes, especially with one lender in second position (which would most likely have a higher rate, plus points to offset their risk.)Now if you got the property under contract for 75% of the market value, which means you would have built in equity, and willing to personally guarantee (full recourse) then yea it may work out.If it's a good enough deal then you could even bring in an equity partner. 50 percent of a great deal is better than 100% of no deal.Cheers! 

One option is I can cash out refi one property that has $400k in equity. 

@Sharon McCants If you are working with ~$235k in equity I probably wouldn't be buying 100k homes in Pittsburgh.

I will also have about 450k in equity.

So what has happened is you're gaining $7.50 in equity for each $632.41 payment as a result of the HELOC payoff of $3k.150K Loan  - for the first payment of 632.41, 375 goes to interest and 257.41 goes to principle.147K Loan - for the first payment of 632.41, 367.50 goes to interest and 264.91 goes to principle.

Unless you have millions in equity, I wouldn't even recommend considering it.

4-Plex details: -currently occupied-estimated sale price 265k-ARV 400k, and 4k/mth in rentBackground on me: -I have an LLC-I own 4 single family rentals-each has around 70k + in equity-all cash flow well -credit is 800+ with adequate income.

So being conservative we would say you gain $46k in equity ($1.15m times 4%) plus cash flow (which I would argue is basically nothing after vacancy, repairs, capex) plus principle portion of debt pay down (you’ll have to look at your statements and figure this out).

Maintenance and potential repairs will also require a long-term financial plan and setting aside a contingency fund for such expenses.The steady cash flow, appreciation over time, and tax benefits can make a meaningful difference to your wealth in the long term, especially with the principal paydown on the mortgage.However, if managing the property from a distance feels too burdensome, or if you’d prefer the certainty and flexibility that comes with having less debt (especially given the high mortgage rates), selling and using the $100,000 in equity to reduce your loan for your next home may be the smarter move.

It appraised for 115k more than I bought it for so already have six figures in equity - will increase outdoor parking and raise rents over time.