About 200k in equity. 

We are more interested in equity. 

We have used loans for our other purchases and were considering taking a HELOC from the FL condo for our next purchase b/c it has gone up $200K in equity since purchase. 

If next year the property is 'worth' $105K, you have $25K in equity, but you're not doing anything with it - you would need to tap the value via a loan or sell the property. 

I have a $100K in equity on my first property and living for nearly free!

Here's my situation: House 1: 250k in equity (1 mortgage already on property, primary residence) House 2: 285k in equity (1 mortgage already on property)I don't think my debt to income would allow for another property.

I have 104k in equity I can pull out.

At some future point, your first rental property will also grow in equity.

I did minor renovations. and allowed the house to go up in equity through time What was the outcome?

I did minor renovations. and allowed the house to go up in equity through time What was the outcome?