A couple other thoughts after reading subsequent responses:-First, keep in mind that selling isn't the only way to pull out dead equity.

If there is a redemption period, someone reselling the property would have no affect on this, and their redemption price would be the price at the foreclosure auction, not a subsequent sale price.I can’t see double wholesale on a REO working out very often.

He paid $1B in taxes and many real people lost their homes and subsequently jobs.    

This is only a guide that could help someone else in a similar position as me.Through this post and subsequent topics I will go through a property that I flipped.

Ie. using the proceeds of a cashout refi on the next deal to payoff the HELOC and tapping again for subsequent purchases.

I can't imagine having to qualify for each subsequent future property with strictly my personal income, so what forms of information and data have been proven to be sufficient in the eyes of the lenders you guys have worked with? 

A little back story on the place, it was originally part of a church monastery and subsequently converted into 3 condos.

Subsequently, you want to write where this is and maybe someone with knowledge of that state can give you more info. 

It’s interesting that you use the tax bill as a cause for the recession NOT to hit - many people blame the tax bill and subsequent increase in rates as an indicator that prices WILL drop 

That's awesome as with past studies on the subject of success in a field, the first step is always the hardest and then from there with experience and knowledge everything gets subsequently easier.