In order to do so, I would need to do a cash out refinance of the first property, and was told I can pull out $80,000.

We are seeing much longer wait times on purchases to be cleared for disbursing funds than refinances.

You might also look into learning about BRRRR (Buy, Rehab, Rent, Refinance, Repeat), a popular method for scaling a portfolio.Network Locally: Engaging with local investors and attending meetups in markets like Dallas or Fort Worth can provide insights and connections that are invaluable.You'll find that momentum grows quickly.

Would the 9-year balloon concern you, knowing you'd need to refinance or pay off the balance at potentially higher market rates in the future?

Become really good at it and refine the skill.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Narrow your top cities, build a local team, and refine your financial analysis to position yourself for success.Good luck!

Do I wait another year to save more, or do I look into a HELOC or a VA cash-out refinance? 

Fast forward two months, and now the property is rented out, so I decided it was time to refinance.

Or pay myself back with a heloc and then refinance out of the heloc later on?