Purchase price: $840,000 Cash invested: $75,000 Sale price: $1,200,000 Full renovation of all 4 units.

If you have 1-4 unit residential that's already cash flowing I would go DSCR if you have a ratio of 1 or more.

Is a second mortgage (heloc) or cash out refinance a better idea?

You can find tons of cash flowing opportunities here and you get amazing appreciation potential as well.

I would, If in this position, take the equity in the form of a HELOC and purchase a cash flowing asset that would not only pay for itself but pay for the cost of the money while putting cash into my bank account each month. 

What does a cash positive investment mean to you? 

We need the cash to mostly just tie us over untill we sell the property, so 150,000 is on the upper end; 80,000 and above would probably be sufficient. 

I purchased both as a package and for the next six years enjoyed great cash flow as I paid the tax on the house lot annually at about half of what it should have been and neglected to pay anything on the tennis court lot.  

Make sure to analyze cash flow, including conservative estimates for vacancy and maintenance.Indianapolis Market: Indy has solid multifamily options in neighborhoods like Irvington, Fountain Square, and near downtown.

If the permanent financing will allow you to recover most of your initial investment and the fair market rent covers the principal, interest taxes, and insurance with cash left over, you have a BRRRR.