Currently cash flows.

Quote from @Mary Jay: Quote from @Jay Hurst: Quote from @Mary Jay: hi guys,so I have a lot of equity in one of my rentals but the interest rates are super low on it. so I dont want to do a cash out refinance on it because I dont want to lose the 3% interest rate on it.I want to get some cash out of it via Heloc or another vehicle,  so I could buy another rental, but its not my primary, so I cant get a HELOC on it from lots of banks....I think PenFed does helocs on rentals, but because I have more than 5 rentals, I dont qualify for their HELOC loan.IS there a bank that would give a HELOC/cash on a rental?

It definitely seems like you could make a killing there, but it's going to take much more up front cash then LTRs.

What’s your primary goal for the cash-out refinance?

Positive cash flow, for sure.Cash vs.

I will have POA and will conduct a 80% cash out refi, which the loan proceeds will then be paid to the seller and the title would then finally be transferred to me. 

Most of the investors I work with are looking at doing a cash out refi every 2-5 years, depending on the market.  

It's the cash you put in that's your cost for the property. 

Saul, Phoenix and Vegas are popular markets, but I’m not sure they’ll actually cash flow well with today’s prices and interest rates.

Quote from @Daniel Tanasa: Another option is to get a small cash out refinance from the house you plan on fixing up, if is in financeable condition, and use that to fix it up, while still cash flowing.