Are you just using the cash flow to pay back the HELOC or did you re-fi the property and pay off the HELOC with lump sum?  

Re-fi value?

Hi everyone, we do 100+ deals/yr between Augusta, GA and Columbia, SC. I

I am looking at MF's that have at least 1 unit ready to move into or partially ready, and the other unit I can live in & fix up to generate a good amount of equity to re-fi out of PMI and use some of the equity to buy another house.

If it's to get cash, cash-out re-fi? 

I AM exploring an offer to re-fi at a lower rate, which could drop the mortgage about $250-300/month.Now the crux of the question: if I want to get at the equity of the home to use for a down-payment on another investment property, I know there are basically three options: HELOC, cash-out re-fi, or sell. 

Instead re-fi and buy another one.

The sophomore is majoring in comp sci/chem (yes, you can get a useful degree at a liberal arts college!) 

Welcome to the club towards FI!

I was a licensed real estate agent (REALTOR) with Keller Williams and EXP Realty and did very well in NC, but not licensed at this moment in SC (I represented myself on my own deal as well - which took 5 months of haggling for a land developer deal).