I was hasty due to the higher mortgage rates, and it turned out to be a huge mistake.

Do you believe mortgage rate will start to decrease?

The truth is, over the last few years, many of these people are barely cashflowing at all and the default rate with the banks on this product is skyrocketing.

There was quite a bit of unused land and the zoning gave me some flexibility if I wanted to expand various aspects of the property.Also the self storage units were all below market rent and the seller was willing to finance at a decent rate with a 5 year balloon.

Memphis is a market where BRRRR is possible, but with rates going up again, it's not a great idea.

I found out the failure rate is 95%. 

@Erik Estrada is absolutely correct that working with a broker usually leads to a better rates and fees.

You can shop 10 or 20 lenders in a weeks time, find out what products they offer, what rates, what overlays and qualifications they each have for you.... 

My agent is currently finding best rates with Travelers.   

The amount of equity I call pull is less than the cash I have but not significantly less.When doing this analysis it struck me that it may not be worth using a HELOC for the simple fact that the interest rate is ~9%* while the funds in my high yield account are only yielding ~5%*.