Leveraging your equity through a HELOC or cash-out refinance can be a smart move, but it depends on your risk tolerance and goals.

I am looking to do a few cash purchases/rehabs in the area and I wanted to get your feedback.

It's a super affordable real estate market where you can still find deals that hit the 1% rule and positive cash flow/great cap rates.

So the rest is all cash out of buyers pocket.

You may find better value or cash flow.  

This concerns me when you state it is cash neutral because if your underwriting is like most newer RE investors it would mean you are cash negative.  

With the extra cash flow, you could strive to acquire additional income-producing properties over time.

I personally would stay away from condo-tels as they will be even worse and you'll have less opportunity to cash flow. 

Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I’d consider using some of my cash to pay down the mortgage when I refinanced.

Purchase price: $740,000 Cash invested: $1,300,000 Sale price: $3,850,000 I refer to this project as a new construction house hack, as I secured a primary residence construction loan for a two-family home.