Below are the numbers on the second property I will purchase with the refinance.

I'm unsure if you would be able to combine both loans given that the HELOC is tied to a different property than the one you got traditional financing on.A work around is if you are able to purchase the new property with the HELOC at a significant enough discount, bring the property value up via renovations or additions, then refinance the property, pulling out enough money to repay the HELOC. 

My advice would be, if you truly want to learn the business, lease it up, refinance, pull some money out, and go on to the next one.

I mean, don't get me wrong, we have to comp the property...so if you are looking to REHAB the property and make it something different, then you need a rehab loan first and then refinance after type of thing. 

These will be LTRs and I will most definitely be playing the long game with these.In addition, as rates go down in the future (hopefully) I plan to refinance as most of us do.

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?

If I were in your shoes, I’d look at the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat) to stretch your liquidity while building equity and cash flow.

If done correctly, you can refinance most, if not all, of your initial funds back out of the properties. 

Do the construction and then appraise and refinance.  

Once construction is complete you could refinance out of the construction loan into a DSCR loan.