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.

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

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. 

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

Those remote flips and high cash flow rentals are so tempting on paper, but they rarely go well in reality. 

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. 

What does a cash positive investment mean to you? 

Upgrading FloorsReplacing old carpets with hardwood, luxury vinyl plank (LVP), or tile flooring adds a modern touch and boosts ARV.

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.

Once you’ve built some confidence and systems, you can start exploring additional markets.I personally focus on 2 markets that are about 20 mile radius.Make sure the market(s) you choose align with your investing goals, whether that’s cash flow, appreciation, or both.