It would be a good idea to assess your tolerance to risk and then plan something like that, but using a heloc is going to be around 9-11% in this market so to pay something off with lower interest rate to borrow more might not make much sense.

Even marginal deals are trading at ridiculously low cap rates (lower than MF I might add).

When it comes to managing your mortgage, most homeowners are familiar with refinancing as a way to lower monthly payments or take advantage of better interest rates.

If you are willing to entertain areas outside Gainesville, you should look into areas like South Fulton, Forest Park ( lots of lower priced inventory) Jonesboro, and College Park to name a few.

Or we gradually perform high-quality updates for a live-in flip, then roll the equity into a new home.Regarding rental income, we aim to boost income, lower our effective tax rate by generating more low tax-drag income with rental income (since there’s not much we can do to lower out W2 tax bills) and have retirement cash flow.To compare the financial impact over 10-20 years, we want to analyze renting versus flipping.

This is my first Brrrr I'd start the process to get the appraisal ordered and try to get a tenant in there before closing on the refi, otherwise the lender may lower the max LTV

Lower returns are an issue as well. 

ACTIVE real estate investing is an ENTREPRENEURAL activity, which means RISK - REWARD.IF - you’re happy with passive type lower risk investments, your spouse doesn’t have to “be your partner” - as long as they’re comfortable and cognizant of the risks.If you dream of an ACTIVE real estate investing career - it may work only if your spouse is SUPPORTIVE, and willing to accept the risks, which may include the possibility of being wiped out in a 2009 style depression. 

I'm sure you could connect with students on campus who need a place to stay, lowering your chances for vacancy with the duplex you own.

And I am doing CD's not LWO's which the #'s with LWO's are even lower close rate than CD's.