Even if you get a great deal that is 20% below market, appraisers will typically be anchored by the last sale price and you may be stuck not being able to pull out as much cash as you need to pay off the HELOC.

The value of cash in hand today vs cash in hand tomorrow is significant and you should account for that for both sides of the transaction for any deal that you make. sellers going to do their best to sell their asset for max price.

If anyone tells you that you can get 15% cash-on-cash it's either a scam or ultra high risk. 

If you don't have free cash available that limits lots of options, but if you do, that is another story. 

@Ko Kashiwagi My understanding is that one can still execute the BRRRR strategy and successfully cash out, but due to high interest rates, the rent may not cover the mortgage.

Where else do you have a chance of getting that sort of tax free cash when you are young.You could also renovate, refi and rent it. 

Once they're done, you can rent out the property, refinance,  and cash them out.  

Purchase price: $142,500 Cash invested: $25,000 We purchased 2 adjacent, tiny rowhomes in the Northern Liberties neighborhood of Philadelphia.

You've done well with your Class A rental, generating $500/mo in cash flow, this adds up over time.

I have a DSCR lender that is willing to do 70% cash out LTV at 7.25% OR 75% cash out LTV at 7.60%.