Third, if you don't know the caller, let it go to voicemail and if neither of those work, file a 2nd mortgage lien, payable to you for an amount 5x the value of your home. 

@Mario Morales - As some others have said I think the strategy is sound, but the key would be to find a distressed property that you can drive up the value with renovations so that the new value is 25% higher than the purchase price so you pay back your HELOC.

Combination of own capital, hard/private money lenders, partnerships and raising outside capital.How do you add value to these deals?

Just based on the info you provided I would take the loss and move on.

@Sean Regan We provide a breakdown on scoping based on "required" vs "recommended".

If you have an RC Wiley or similar mid/high end furniture/appliance/home furnishings/flooring shop.

This would hopefully maintain strong cashflow from the property will providing some capital to use for the next property acquisition. 

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

Even though buffeted by high interest rates and spiking insurance premiums, overall prices are still rising.

Rates are high, usually in the high 8s or low 9s, and you may pay 2-4 points on the loan.