If you were able to pull out $500,000 in existing equity out of a paid off rental and disperse those funds to acquire 2, 4-unit MFR properties and had the income to support any future CapEx and the interest payments on your HELOC ( including the extra income to paydown the loan ) would there be any " gaps " or problems I'm missing in this situation where it would be a bad enough idea to not go through with acquiring more properties through a HELOC on 1 of 5 properties you own?

If he really wants to "roll up his sleeves", he can scout properties in your community (or on the internet) and get paid a "commission" if he finds one of your investor-friends in Omaha to buy it (aka, acquisition fee/finder's fee).

I finally sold it for a small fraction of what I paid for it, but I was out from under the HOA fees and taxes which at about $1,700. per year, which is a sizeable sum for me, and as we know, these fees increase every year.Bottom line is, DO NOT purchase property there for an investment. 

@Nedim Tokman 90% of people that buy courses - never do any investing to use them:(I have paid for courses in the past, with the understanding that I was paying to get the info faster than I could research it myself. 

Kiavi will lock the rate once the appraisal is paid for, and it is usually good for about 30 days.

@Greg Kasmer spot on about using other paid off properties on the loan. 

Please don't post content from paid website, otherwise will be deleted again.Thx 

I’m currently in the pre-approval process to purchase a 2-4 unit multi-family property.

He ended up having to pay back all the extra money to the tenants AND pay back all the money S8 paid for rent since the beginning of their tenancy. 

Had I hired a professional, it would have been done in a month and the extra five months of rent income would have paid for the contractor, saving me six months of nights and weekends.