The previous Tenant left the place dirty, and several rooms need new paint.

From what I've learned it seems that a HELOC is probably the easiest way to gain funding but at the same time it comes with risks if the flip isn't successful. 

I 100% agree with Chris and Peter.

I was on the site and decided to look at my discussions and saw you updated it.

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

And how many classes are there? 

The midwest is not growing as fast as the south and southeast.

Unlike some buyers, I ALWAYS go look at the properties before the sale and discovered that the vacant lot had an active railroad track on it and therefore was unbuildable, and would remain unbuildable until the railroad removed their track. 

Credit score and loan size can also affect what rate you may find. 

Duplexes or small multifamily properties, even with value-add strategies, rarely match the potential of single-family homes in the right neighborhoods.In summary:Don’t be discouraged by low cap rates—they reflect market expectations of future growth.Focus on single-family homes with high equity potential in desirable areas.Avoid chasing the "economy of scale" myth with small multifamily properties—they often come with higher turnover and lower buyer appeal.Think long-term: prioritize properties that grow in value, even if cash flow is tight at first.