They can have a prepayment penalty and higher out of pocket costs at times as the main drawbacks.

I’m just seeking for some input from the community and this is my only rental even though I do dream of becoming a real estate investor by acquiring rentals. 

Are you seeking helocs on investment property or primary residences.?

All of your responses help Hey Kyle - You likely have a 5-year stepdown and are down to a 3% penalty. 

If you're seeking a reliable income stream, checkout Cleveland.

That is definitely a motivator to seek a different market.

Seeking information/guidance/opinions on the subject.

For example, the seller might put in an expensive penalty if you refi early.Regarding the interest rate risk, I would not buy it today if the deal did not work at today's interest rate. 

Are you primarily seeking passive income, capital appreciation or a combination of both?

My focus is on Georgia, where I plan to build a diverse portfolio across various parts of the state.My strategy involves long-term rentals (LTRs), buying and holding properties, and seeking both cash flow and future capital appreciation.