Helocs aren’t really for long term financing, the rates high and adjustable.

It would then be understandable that you need some time to get up to speed. 

This ensures the property is secured, heat or A/C is adjusted, all water is off, and they do an initial inspection to see what they are dealing with.

- personally at SMARTLAND as experienced heavy lift multifamily operators - it is a complex process and requires a team, time and skill - Yes, you can lift a property and value moderlty quickly if you have the right tools and process in place, no doubt, but you have to also have the correct financing tools in place and appropriate cost-basis to withstand turbulence along the way - (no straight path) - the short term mezz loans into this constricted/constrained lending environment is tough, even more tough with raising cap rates, market repricing = requires more time to season and continue to hold, unfortunatley as we have discuss to the max on this forum time was not on this operators side with the short term adjustable mezz loan -**Pref Equity has entered many deals in the past 18 months advance of LP positions, also took a GP slice along the way  ---- 

Your gain is sales price less sales expenses less adjusted basis.Your adjusted basis is purchase price plus improvements less depreciation.Also factor in any passive loss carryforwards when calculating your gain.Your CPA should be able to discuss with you what tax implications would be upon sale.

In terms of doing a refi the house would be compared to others of the same value and adjustments made for BR or SQ FT. 

The pricing is usually WSJ + 1 point adjustable with a floor. 

Tenants typically pay around 30% of their adjusted income towards rent, with the government covering the rest based on local payment standards.

So what you refer to as pot of gold has always been there so far for any hold over 12 years (a little deceiving as in inflation adjusted dollars it was a year or so longer).  

Typically HELOCs have adjustable rates and if the banking climate changes I believe the lender can actually cancel them at their will.