I would only do it if it was an absolute no brainer of a deal as if it goes south then you not only hurt yourself on that deal but also the property that you took the heloc out of.This also depends as if your current LTV is 30% and want to go to 50% is different than going from 50% to 80%.

Depending how much of the neighborhood is a hot zone for renting rather buying, and which Property type is performing better than the other (meaning 1bd 1ba 2 floor renting out faster and much more consistently than a 2bd 1ba 1 floor), you can make your choice of those factors as well as other ones that impact your decision for what you wanna do with your investment.

@Bobby Short Depending on the equity you have on your primary residence you might be able to find a lender to finance the property in CR with your primary residence as collateral.

If I had to pay my cleaners on top of the loss income it would impact even more as my cleaning fees range from $100 to $400 depending on the property.  

It makes sense to run the numbers, but will depend on the appraisal. 

Have you tried calling the local police department, or sheriff's department, or the Texas Rangers depending on where this theft took place.

There are definitely options for less than $100k, just depends on how much lower - $75k is doable but less than that gets a liiiiiittle tricky (although still doable in some cases).

It also depends how distressed - knockdown, full gut rehab, cosmetic rehab, lipstick flip.

The seller will lose some rent, potentially incur costs to evict, possibly costs to clean out the units depending on your sales agreement.

Just depends on your strategy but my best advice is to take a drive through those areas.