The biggest challenge was closing as COVID-19 was hitting the population and beginning renovations on the property while preparing to reside in it and both of us deploying in the next year.

Both are great books to read during your deployment.

Disclaimer - for additional clarification: I was 100% impacted by coronavirus (tenant breaking a lease due to getting deployed in the military because of covid, tenants moving out without notice, multiple tenants quarantined with no income to pay rent, multiple tenants laid off/furloughed, and a tenant who's son was diagnosed with COVID).

Currently deployed overseas, later this year I am looking to buy a multifamily property, 2-4 units, within a 50 mile radius of Albany, NY.

If your goal is cash flow then I would look at deploying the money from the cash-out refinances into some cash generating properties outside of the city.  

Everything changed when I deployed and she, bored at home, read Set for Life.

I made a good amount of money when I deployed and traveled and I wanted to invest all of it. 

I'm 25 (E4) currently deployed and looking to buy a multifamily property in upstate NY that I can house hack by Nov.

The difference I see in this vs 2008 is that seems like all the investors - both big and small, have prepared in advance and have capital ready to deploy. 

For primary residence cash out qualifiers will look into your DTI, you can cash out refi as much as you want.So to answer your questions if you pay back the HELOC you are out of cash and need to draw again if you have the cash out money its has already injured some costs so it's better IMO to deploy it to new investment.