@Collin Luckett  Just adding, if you have the ability to fund with your HELOC, it would be far cheaper than PML or Hard money. 

You have numerous funding options so pick your poison.

We all invest in real estate in order to make money, and keep in mind that someone who can only afford to live in a mobile home and seller-finance to buy the land is probably tight on funds. 

Therefore, due to the local jurisdiction, sometimes we choose to mutually terminate the lease and write a new one instead of modifying the original by agreement.

For a BRRRR if you are using debt most people will use some sort of hard money to purchase and a construction loan to fund rehab (unless you use cash).

I don’t completely understand how I could best put my money towards a rental property or fund one with the income that I am making.

We've seen this soooo many times in our Detroit market:(Have actually had owners choose not to do business with us because their previous PMC didn't require it - so, they thought we were the incompetent ones.Have also seen incompetent PMCs wiring funds internationally to owners - and these owners not having an ITIN, EIN or SSN!

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

I'm assuming you're referring to investors that provide all of the funds for your flips? 

If not, we have several lenders that can help fund an ADU.