Even in Memphis with limited appreciation as long as I can get $200 a month surplus cashflow per property I am having a party every time I get another loan.

ARV of $500k - $200k (1st position) - $60k (2nd position - your note) = $240k (post-foreclosure potential surplus). 

Inflation is killing your money, and interest is killing your money.If you apply every bit of surplus cash from your rental to the pay-down of your HELOC, you'll avoid the most interest; you'll replenish your funds faster; and you'll be able to buy sooner.

I could also rent said property and generate a $300 surplus.

Also, there were a lot of college student rentals in our downtown area where the school still hasn't come back, so that also caused a surplus of supply.

Also we had an inventory surplus and low actual demand, a lot of vacant houses.

The portfolio was not generating enough surplus of cashflow and there where to many uncertainties if 1 or more properties became vacant.Since I moved to the US I have sold out of all assets back home in Australia and have been buying in Kansas City and Toledo.Our business model is based on selling turn key but we hold every 4th of 5th property.I wish we could hold them all but to keep the business going and our portfolio growing we need to sell.Selling also speeds up the portfolio growth.