Then you 2 would agree on how you would split the profits once the property is generating cash flow and the original equity is returned.

Unless you are unknowledgable, my bet is you could make more from rent than sale, and still have the benefits of owning the original home while you go do something else.The 25K you have left in property will be netting you(gross) of $350 mo or 4200 per year.

When I add a new tenant to the lease, the original contract terms remain in place.

The original intention was to do a light cosmetic rehab and rent it out.

Originally posted by @Chris Hains:Mr.

It is also important to consider the transactional fees associated with originating the HELOC, whether an appraisal is required etc.

Originally posted by @Cheryl Warner:Oh no, I just signed up for this!!!

Originally posted by @Tanweer K.

I originally wanted to do a quad but financially I know I can’t fund a project that large, unfortunately.

I would like to purchase another property so I looked into a heloc and a cash out refinance and it looks like I would qualify for about 75000 max which would be enough to put a down payment on another property and rehab it, but I still haven’t paid myself back from the original property rehab.