Is the line of credit different from refinancing the home that is free and clear? 

Quote from @Jimmy Lieu: Quote from @Andrew Syrios: The BRRRR strategy is tough these days (I even wrote an article about it that goes into more detail a little while back: https://www.biggerpockets.com/blog/beyond-brrrr-taking-advan...)In short, high interest rates as well as labor/material costs makes it hard to buy a property with debt and cash flow. 

If you have any questions concerning especially the funding of this project, feel free to reach out.

Are you familiar with Creative Financing such as Subject To (SubTo), SubTail, WRAPS, Short Term Lending, and Bridge loans? 

Each former member is then free to either do a 1031 on their % interest or take the cash and pay the tax.The opposite manuever was more common until around 15 years ago. 

The first house I bought, I lived there rent free, AND mortgage free, while renting rooms to other people.

Feel free to take or leave my advice, but I think others will agree that, for now, you should focus on maximizing your savings rate, building your credit, paying off any owed debt, and house hack your first deal—just my two cents.

Even if it was a short term rental before, it'll only take one neighbor to complain to cause you trouble.

ROI can vary, but some parking lots have great returns with minimal upkeep—just be sure to research zoning laws, demand, and operational costs before diving in.Good luck with your decision, and feel free to reach out if you want to chat more about any of these options! 

Feel free to DM me if interested in discussing more, would be happy to assist.