My wife and I have a W2 job. 

DM me or give me a call.Jeff

The goal is for them to prove a track record of payments and leverage that to refinance with a traditional lender into a lower rate.

@Saul Vargas what other city saw a 23% increaes last year?

If you sell for a net sales price of $1 mil and buy for a net purchase price of $700K you will owe tax on the difference of $300K.BP may have a capital gains calculator you can use.  

Great price in a great location - huh?   

So I have my house that refinanced in 2020 for a 15yr 2.5% rate and we have about 56k equity.

Quote from @Micheal Singleton: Hey stl folks, I'm a new investor .

Hi Joel, that’s a great question!

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.