However, that house is available now would rent for double if not triple and cashflow half. 

Hell, Triple it. 

I certainly don't advocate strategies like this, but as you show, this is a "Triple Play": Home/REI, Cash Value, REI

If you can buy a 30k property in Detroit with a 30% of chance of tripling your money in 5 years, would you do it? 

You'll easily pay double or triple that in NYC, San Francisco or Maui, but it should be accurate in your area.Bottom line though is more about what is expected by renters in your area and price range.

@Kelly Newton I don't know how much different it is in Columbia, but in Charleston County you can figure that your taxes will be roughly triple for an investment property vs owner occupied.   

Be really carefull with tenants and triple check employment status. 

Assuming the property appreciated about 3% a year, after 15 years you would own a 300k property outright and tripled your initial investment, and written off the whole thing in taxes.  

I didn’t have enough money for renovations on my first deal last year so I basically gambled on bitcoin / ethereum until I had tripled my initial $2500 dollars and then pulled it out due to the necessity of paying the contractors.

However, if you think of leveraging the cash value as a "double play", then what you are contemplating doing is a triple play: using borrowed money to fund the life insurance policy that will in turn fund the real estate investments. you would be literally putting your money to working three places at one time.However, most life insurance companies will not take your premium if they know the source of funds is a home equity loan.The concept of leveraging a high cash value life insurance policy to invest in real estate is thoroughly discussed in this thread...https://www.biggerpockets.com/...If you assume the use of a HELOC on the front end of all this, it all gets done with borrowed money...