I'm a realtor currently trying to gain contacts and two key ones I'm lacking right now are an inspector and a handyman.

On a train line in NJ is very attractive if you can manage it for access to NY, but without restrictions in most areas.

Would I invest in an in-fill strip center on a major retail corridor with signalized access and strong incomes?  

Remember that you can only get one home equity loan per year, you can only have one home equity loan on your home, and you cannot convert your home equity loan into a different type of loan, so choosing the wrong loan can be an expensive mistake that you cannot quickly fix.Time Factors: If you need money quickly, don’t forget the schedule for closing a home equity loan, and make sure you will have time to complete the process, close on the loan, and wait through the cooling off period before you have access to the money.

However, don't prioritize return of capital over return ON capital.Focusing on strong rental areas, high quality tenants, solid property upkeep and long term gains will keep you alive in this business longer. 

This is true especially when you have access to deals as a wholesaler.

I look forward to learning and gaining knowledge. 

You now have $5k in unreimbursed expenses, and 2 houses; one with a $200k mortgage worth $250k (giving you $50k in equity), and; one with a paid off HELOC, value and mortgage unknown, but presumably with more than $165k in equity.You should also treat the $5k unreimbursed renovation cost as a debt and pay it back (even to yourself) accordingly.There is no tax due because not only did you not make any realized gain, but there was no sale. 

If you are lucky, it will cover all your costs related to the property (bank rate etc.).In Germany, real estate is a long term investment where usually the biggest gains (depending on region) come from appreciation.

For instance, if you tell me the entire $100K is going to be needed in 2 years to be the down payment on your primary residence", I'm going to advise a different investment type than if you tell me "the money only needs to return me an annualized 8% gain, I don't need the money for at least a decade, and I want zero management or oversight."