So either you pay for the repair out of the idle cash in your account, file an insurance claim and use those funds, or rollover/transfer funds from another retirement account to cover the cost. 

Additionally, the fact you might be negative cash flow in Texas will give you more flexibility by renting in Portland.  

The loan will be used to payoff the 49% partner and allow me to take some cash out.

Between the equity on the condo and the extra cash you have, you can purchase 2-3 homes. 

I was looking there myself and curious what areas you would choose for a mix of cash flow and appreciation? 

Some markets are better for cash flow.

For long term, the main benefit is having someone else pay off the mortgage on an asset while you collect cash flow.

@Jordyn Ohs Assuming your heloc is re-advanceable and the rate is higher than your mortgage, I would suggest you pay your HELOC down as quickly as possible with any cash flow from the properties.

It's amazing how cheap it can get when you're paying physical cash and having your contractor pick it up at the warehouse.

Contrary to most business lending, the REI industry has a lot of "non-bank" lenders that provide attractive loans that can lower your cost of capital and improve your profit/cash flow.