Home equity is the difference between what your house is worth and what you owe on your mortgage.

I'm not sure how they paid so that may or may not be a solution here...The other thing is technically your tenant owes you still, and the prior LL may be liable for fraud.

A line of credit won’t commit you to a monthly payment unless you use the money, so you can avoid paying interest when it’s not in use.

Engaging does not make you money.

You can also see total loan exposure, every loan ever pulled, every property ever owed, every co-signing partner from every project, permits, etc... 

Quote from @Deborah Wodell: I’m looking to connect with private money lenders or investors who lend their own funds for real estate deals.

I still owe about $140k on the current condo.  

It helps you understand the areas where you want to invest, your rehab cost and where you money is going.

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

The interest that it does accrue is money you don't lose, but rather it does go back into your investments.