I would encourage you to always look to recycle your capital if at all possible.

Your HELOC is "as good as cash" and has the added benefit of not accruing any interest when it isn't deployed, unlike a refi.Your plan is to use the HELOC money for BRRRRs, I think that's a winning strategy to keep recycling your equity. 

Here are some things to consider:Most of Cityfheps are coming directly from the shelter and with my experience it’s hard to vet them since they want to be out and you do not consider income and credit. in general they are not used to keep an apartment (recycling, cleaning etc…) since they do not have any responsibility at the shelter and some of them stay there for years.The city will mail you the payment and usually it’s twice a month.

Protect your cash like a mother bear and choose a path/strategy that will allow you to recycle/grow your hard earned cash and continue to move forward towards your goals.

I got it free, about all it was worth, at a REIA and got about 50 pages into before I threw it in the recycle bin.I'm become a huge fan of the Gary Keller books.

With that I plan to finance construction of 11 more units, and leveraging these to build a recycling center. 

About 2-3 will exit each year (for the next 10 years), so will need to recycle the proceeds into new syndications.

The right lender could use that as a down payment and if you went the brrrr route and assuming all goes well, you could see that $100k recycled back into the LOC and rinse & repeat.

On my leases that cover utilities, here is what I include in the lease:UTILITIES: Landlord pays for water, sewer, gas, garbage, recycling, and electricity.

Recycling does pay, and can pay well.