I think you'll get a better rate, and the mortgage will force you to pay off principle monthly where the HELOC is typically interest only.You will also be artificially lowering your cost of ownership by having a I/O HELOC on the house, causing you to think it cash flows better than it really does.

Anyone using the Renatus ios software system?

This would allow you access to your equity, but only have an I/O payment on it in the interim time until you draw the full amount if needed.

@Chris Armstrongwelcome to the site.O-H-I-O

I just joined a couple weeks ago and the issue I'm having with the iOS app is when I Follow a thread it shows I am following and I get an email alert for the thread but there's no notification within the app or link to the thread.  

After that, you continue to make IO payments on the new, lower balance for the next year?

I have thought of refinancing to a IO to reduce my payments and create cash flow but then I take on the risk of the market dropping further and no principal paydown.

I posted io the BP Forum (this morning) to ask whether or not it is a deal breaker to buy in a flood zone.  

Even at 6% IO, the loan balance would have to be about $110,000 to be at break even.

A little about me (bullet points for brevity):- Brand new to investing- Watching BP YouTube podcasts- Live in NY (upstate and downstate regularly)- Full time job as iOS developer (I plan to continue this)- $50,000 initial investing money- $1500 monthly income to add to investing- Real-estate goal: single, multi-family, and apartments to get to a $3000-$6000 monthly cash-flow- House Hacking applicable (can move around)- New to BP forums, so tell me if I should do this in a different format (or in intro forums)My unique situation: I'm (obviously) looking for ways to make the best out of my situation.