Should I proceed with the HELOC and refinancing strategy, or is there a better approach?

I refinanced as soon as I was finished with my renovation of my duplex when I used a 203k on it.

Follow steps like planning, financing, hiring contractors, managing property, marketing, refinancing, and working with advisors.

It sounds like you have a solid foundation with your real estate investments in Australia, and your strategy of buying in the right market cycle, renovating, and refinancing is a proven approach.

Should I consider refinancing one or both properties?

., with high appreciation, you can use cash-out refinancing to buy additional properties with minimal additional capital from your savings.Lasts throughout your lifetime: For your tenants to continue paying similar rent, they must remain employed at comparable wages.

Hey Ralph, unless you refi and pay points chances are refinancing does not make sense. 

The refinanced loan amount will be smaller and the rate will be less so the payment will be quite a bit less and suddenly a marginal cash-flow is decent cash-flow.  

Renting multiple rooms is a great way to generate high cash flow from your properties but I must call out a much overlooked watchout... many lenders will not allow this type of property use and refinancing them can be tough. 

Do you plan on refinancing this property or selling it when the rehab is completed?