I operate all multi-units and use a 10% factor for vacancy when number crunching.

If this is something you lack, I can trade you for some number crunching and deal analyzing skills!

The answer requires a lot of number crunching, but in my situation, it was pretty simple.

Crunch the numbers to see which performs better:1.

Whatever your budget is after you crunch your rehab budget. 

If your are on a time crunch as a full cash out refinance could take up to 45 days, then go the HELOC route as you could get a decision in as little as 2-3 weeks.

Sure I didn't save $1700 in holding costs, but it's nice having your money back quick.However as I crunch numbers in my new area, I am looking and seeing a lot of cheap cabinets, laminate tops, cheaper flooring etc. and they sell quick.

It seems you are planning based on a "best case scenario" and not a "worst case scenario" when crunching your numbers.

They can crunch numbers and make logical decisions pretty well, but their knowledge on risk management, the contract, and covering their own backside is usually pretty terrible, especially when it comes to technically tricky issues and problems arising within an escrow.Now, granted this may be 100x bigger of an issue in my highly litigious state compared to yours, but I still think it's important wherever you go.Additionally, getting rid of your "middleman" might sound appealing, but - assuming you have a sharp agent - it's often about as smart as getting rid of your attorney and representing yourself in a lawsuit, or performing a surgery on yourself.

I'd say crunch the numbers.