Now, three years later, my tenant reported cracks in every room—paint cracking and full-line cracks in the bathroom, living room, and bedroom (walls, ceiling).A drywall contractor looked at it and said it’s normal wear and tear, but I’m concerned since it’s in every room.

This will put you more in line with the market.

And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

Instead, you could explore pulling equity out through a home equity line of credit (HELOC) or a cash-out refinance.

My current portfolio includes two 3-Bed/2-Bath Single Family's in my home state.

But I kept pushing to get more banks lined up and in each case needed them to close the deal.

@Cole Starin What type of take out financing did you line up to payoff the private money and get into long term perm debt? 

Obviously this won't work for a  5 bed but if you are just getting 1-2 roomers  check the policy.

It's worth investing a few minutes or few hours finding out when so much is on the line. 

You have used home equity lines of credit to purchase investment rentals and want to know the best way to pay down the HELOCs.Between the two properties you bought, after expenses, you have $250 a month positive cashflow to use.What I like to do is pay down some principal every month with my positive cashflow.I use my extra active income from real estate commissions helping other investors to pay down the principal even more which just frees up that credit for me to use again.I know I can refinance the HELOC debt before it changes to principal and interest as it is just interest only payments as yours are.One difference is the cashflow, I have greater positive cashflow and could make the principal and interest payment in the future with the extra cashflow I already enjoy.I always get HELOCs on my income properties as well after purchasing them to pull out as much of my downpayment as possible.