@Frank ChinBased on the opportunity value of cash your equity, if your mortgage free, is most likely creating negative cash flow from your investment property.With the opportunity value of cash at a minimum of 10% for every 100K in equity you must deduct $833/month from your rental income to insure a accurate accounting of your TRUE income.Investors must keep in mind every property has two separate income generating streams.

If I have 120K in equity, on a 250K property (seller financed), I'm hoping to get a HELOC for 60K.

But I made 50k in equity, Day 1.

We're considering our options for moving forward.Numbers:Purchased for ~ $230,000 (2.5% interest)Remaining balance ~ $220,000Appreciated to ~ $400,000Cash flow is ~ $500 a month after setting aside for all reservesOptions we're considering:1- Cash out refinance- at current market rates, rough estimate is that we could access close to $100,000 in equity, but our cash flow would go to $0 or possibly negative for a period.2- Sell now - if we sell before the end of the summer, we could still qualify for living in the property for 2 out of the last 5 years for the additional tax benefits.

I do have about $400K in equity. 

You should have 100K or more in equity to protect before it makes sense to spend that money - compare that with how much you spend in annual insurance for the same property/equity.3.

I have 500k in equity in my primary home and probably a million in equity on my investment properties.

Some have more than $1 million in equity while others have less.4.

Hi folks,Real quick, I have an investment property that currently sits on 2.99% on a 30-year fixed and I have about $155,000 in equity that I would love to start investing in; mainly BRRRR's.

Pretty much the same things that regular investors do but generally with 1) a greater focus on cash flow/cash on cash return than built-in equity or appreciation potential and 2) they tend to be more interested in security and it being low risk than active investors.