Depending on the cash flow and your FICO, you should be looking at 75% or 80% (80% will have a significantly higher rate than the 75% but depending on your strategy could be worth looking at) of the new as-is value that you can get to pay off the rehab loan and get some cash back to go after your next property.I'd recommend looking at some of the BRRRR articles that have been written in the BP forums for some additional info on this process.

I wanted to get started in investing in multifamily real estate in 2022 to take advantage of low interest rates and rising rents.

How much is the HELOC and what is the interest rate you are paying on it? 

Because interest rates are high right now it probably doesn’t make sense to pull extra cash just to stick it in a bank account.

No qualified commercial loans based on current interest rate and cap rate offered.To solve the problem, either the rate has to come down significantly (probably not going to happen in a few years), or the cap rate has to go up to 10s, which means the price has to be cut by almost half.For those folks that has a maturing commercial mortgage, they can not refinance based on today’s rate.

Does anyone local to Memphis know what the going rate for simple repairs like that should be? 

At today’s rates, most properties at high LTV are negative even with 1% rent to value ratio   This implies the 1% rule is far from assuring positive cash flow   Good luck

Rents could continue to fall, and the cost of labor rise dramatically.https://www.cnn.com/2024/11/19/economy/new-home-undocumented...

. $23K isn’t a huge amount of capital in today’s high-interest-rate market, but it’s definitely a starting point.

There is also the lending field which is quite lucrative if your more into financecommercial real estate if some day you want to be doing bigger deals and making 6 figure commissions checks.. etc etc.to try to start your business as a flipper or wholesaler is tough and it has a 95% failure rate being that it appeals to the mass's of which many frankly don't have the skills to succeed or the financing behind them.OR converselyMake money at your chosen profession save and buy and hold.. buy the best you can hold for long term.. same with buying securities .