Is there any surrounding area specifically that you think could be the best option ?

I don't feel like I weighed all my options before purchasing because I was on a tight timeline - so for my next deal this is my question for you: If you're just getting started on your first flip and you had ANY funding source available to you - what would be your recommendations of top 4 funding sources in order of your preference? 

But consult professionals for clarity.I was going to suggest placing the rental property in an LLC, but, I see that is not an option you would consider.

We approach them saying that they have options.

Now its pretty common and most printing companies that do investor mailers have this as an option.

But when you can qualify and deal with the process before then - usually worth it to do bank options like this until you hit the scaling point (could be 3 rentals could be 5, could be 10 etc - no real "hard and fast rule") 

At that point we tested the waters and gave them the option to keep the money or to reinvest it in another property.

The harder option is to buckle down and pay the down the HELOC slowly, while keeping both appreciating assests.

I have a great nationwide insurance company that I work with that has lots of options and works with investors only.

Option 1 - Cash out Refi Rental ProtertyOption 2 - Sell Property Option 3 - your ideas.