We would all love to have that note that has 5 years of perfect payments, 800+ credit score and a 20-25% down payment. 

Would it be wise to use a HELOC on our current residence to use for a down payment on a new property You can make $ investing anywhere.

I am considering buying the property in cash then hiring Servpro to fix the cigarette damage.

1099, social security, trust payments, annuities, etc?

The market appreciates 3% per year.Pay cash for one house and rent it for $1,500.

Have you considered tapping into your existing rental equity for the down payment?

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

The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

Sounds like a cash out refinance would be the best way to tap into that equity. 

I have had 3 people email me this weekend who are over leveraged and also cash strapped in that they have repairs of $5k or more, o cash to repair and without repairing cannot release unit.