Currently the portfolio is 5 properties, 7 doors, valued at $1.2M with $558K equity.

syndication/private equity deals have a much better chance of penciling and providing decent CoC as there are more economies of scale and sophistication at the GP/operating group level in general.Thanks for reaching out Dan.

HELOCs typically do not go above 75-80% of value and since the property was purchased recently they would not see that equity unless you did some major rehab to the property.

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

@Frank Alfano agency debt is very competitive (75-80 ltv, non-recourse, fixed-rate etc); you can syndicate and raise the equity portion needed from friends and family, provided you can market and lead the project.

Traditional lenders won’t approve it, and hard money lenders who offer this type of financing all the time look for experience, assets, or strong equity in the deal.Partnering with someone who has financing or experience is realistic approach when starting.

Rental report, sales report, and a 10 year cashflow and equity proforma.

What the concept you mentioned is talking about is leveraging equity to gain cash vs. selling essentially. 

Luckily, I did have equity in all of my properties.

While his loan isn't assumable, you could structure a deal where you take over payments while giving him equity in a seller-financed second note.