So, having a trusted and experienced Realtor to provide you with an evaluation would be a good start to helping you really assess your options.First, I would ask you what your ultimate goal is...? 

After talking with my mentor (He's a realtor with 20+ years experience) he suggested purchasing a rental property first.

Secondly, I'd chat with a realtor and get some recs on lenders to truly see what you're working with in terms of buying power.

Wondering if it will be a waste in fees paid to either HELOC or Cashout Refi because there may be a possibility of having to sell to get the primary residence we want next year and end up paying Realtor fees to sell it. 

It was an off market property that my realtor found while I was out of state.

If you're working with a realtor, they should be able to suggest a few.

My wife is a Top25 Realtor in Ft Wayne, I'm a licensed contractor and home inspector.

Hey Nicholas, I’m an investor and realtor based in Indianapolis, and I’d love to help you explore opportunities here.

We have an amazing realtor who helped us find the property and helped us run numbers on possible ARV, @KiKi Wood. 

I’m a local realtor in Rochester and would love to connect.