I need a realtor to guide me toward a solid investment that I may have to exit in on in 3-5 yrs.

Hello All,I'm an investor from out of state and I'm looking into purchasing a property in Vegas to rent out to my cousin who lives there now and then maybe in 5 - 10 yrs use it as a vacation/retirement home for myself. 

We have many homes with wooden foundations raging back to 50 yrs and they have proven that if you can keep moitsture away that they are they way to go in terms of cost and maintenance.

Is it best to lock in a cash-out refinance for ~$40k at around 3.5% fixed for 30 yrs (quoted from 1 lender) or refinance to get a lower rate then then take out a HELOC for ~$40k which I can use anytime to buy up properties? 

I literally started a business when I was 6 yrs old selling my baked goods to neighbors and my local bank.

Property is 3 yrs behind on PT.

i know roof is about 10 yrs old and the water heaters are around 7 yrs old, but i have no idea what else i should be looking at. 

So after 2 yrs, this hasnt been something to talk about.

My main aim is to buy and hold for the next 15/20 yrs and generate equity in the house and some cashflow.3.

I have Adobe Illustrator & Indesign, Im a graphic designer now of 16 yrs... but using those programs for floor plans is very time consuming.