You'll want to explore this with your accountant and see what side of the fence they are.What is more a concern to me is your plan to let the property sit for a couple of years and then move in. 

But after a flip, you will probably sit on the market for a while depending on the location approximate nearest city. 

No fees, no minimums, been very happy with them.Unfortunately the note I own is still paying out to my custodian (did checkbook after note purchase) so the money does sit idle.

Now the property has been sitting on the market for months.

It is a mobile home that sits on its own land.

Those are spray and pray techniques that don't fit with sellers right now because sellers/owners are sitting on a very low rate and don't want to move to go up 4-5 points on their rate.Listings aren't a start now thing as well.

If you are going into MF make sure you have a lot of cash sitting on the sidelines for maintenance and repairs.

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

The deals are really so sparse that you can sit and wait and wait and wait for the right deal in a specific neighborhood or you can look at all potential deals across the Metroplex and beyond.  

Jaime, I'm actually sitting in a hotel in Lehi, near Salt Lake, right now.