Your only real question here is how much additional equity can you earn before you sell before the rate resets and before you lose your capital gains exclusion, versus the opportunity costs if you sold and cashed out now.

If you get up to 30,000 envelopes per month and do it in house for an average cost of 37.5 cents versus outsourcing it for 61cents (Click2Mail.com price) you'll be saving over $7,000 per month.

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

I think there's potentially a different feeling when you convert a personal residence to such an investment property versus purposefully buying an investment property. 

I'd suggest narrowing down to a few markets to explore, then reaching out to investors in those markets versus throwing a wide net.Cheers!

For example, for rental properties, lots of the categorization depends on the REI's specific tax strategy regarding what we're capitalizing versus what we're immediately deducting.

California where expenses are really high, versus like Ohio (etc), where expenses are really low.Using leverage is always going to make your buying power go further.  

The arguments for FHA versus conventional are fine and all, but one thing to be absolutely clear on is that Fannie/Freddie nor any other agency does NOT lend to entities. 

Charlotte is loaded with inventory are you sure this new build at Max cost is worth the headache versus a home selling for less that you can renovate yourself and increase the ARV?

Furthermore, you should explore checkbook control versus having the custodian make all the investments.