The others are either still paying as agreed, the notes were sold, and two have refinanced out.

@Jordan Kaylor Using a HELOC to purchase a property and then refinancing into a conventional mortgage is technically considered a cash-out refinance.

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

This growth fuels demand, drives appreciation, and ultimately makes strategies like BRRRR or cash-out refinancing viable over the long term.

Both homes have mortgages, about 37% Loan to value, at an exceptional rate of 2.625% (15 yr and 20 yr respectively, both refinanced in 2020). 

At least you'll probably get most of your money back when the deal gets refinanced or sold.

Tax-deferred strategies like 1031 exchanges and refinancing allow further tax-efficient wealth building.This post does not create a CPA-Client relationship.

been working to wrap my head around depreciation and I have had a puzzle I am still sorting just because I refinanced last year.

Some rehab lenders have favorable refinancing programs to convert the rehab loan to permanent 30 year financing.

When finished, I re-financed and paid back all my friends and family + interest in 10 months!