As long as you do with the same lender they can cross collateralize. 3.  

After the HELOC, it would drop down to about $450 per month.My goal is long term equity and appreciation, and not cash flow.

high interest rates have hurt cash flow and long term rentals are still a great investment... they're just not going to throw off rental income in the first few years of ownership.

It hasn't been long enough to see how those that are ordered back to the office or are laid off will react.The question is "what is the change in real numbers of government employees in D.C. as a result of decisions made by the administration in 2025".

Keep learning and determine your long term goals.

Fun example: my business partner had an STR in Sedona with an oddly long laundry room. 

Why do you think purchase contracts are so long and have such small print?

It seemed like a long-term play with less price or industry volatility.

ABL, which is the basis for HML/fix and flip lending, will have different criteria and different focuses than multi-year loans based on cashflow and borrower credit score (long term mortgages).

However, I probably would not upgrade it but I would rent it out LONG TERM at least until you know your long term status in Portland.