The reason I like the HELOC over the cash-out refinance is the HELOC pretty much acts like a credit card - you only pay (and accumulate interest) on your current balance.

Even if I only accumulate a few hours, it would still help with experience.

Long term game, we are looking to really target multifamily properties for long term wealth accumulation and cash flow, but I don't see how that could even be remotely possible in the CA market without substantial starting capital.Some of my other thoughts creating our indecisiveness include:-Despite the amount of research and networking we do, would out of state investing for a beginner not be advised?

Start with wholesaler properties and accumulate some money and after start with rent properties or find money to a private lender or to the seller or..???

I am set up rather well at the moment with equity, I am now looking to set up for retirement with a focus on passive cash-flow (leveraging the equity I already have accumulated, a good part of it in SD).

I'll probably have around 200-300k in equity so Instead of paying down the credit card debt I've accumulated, I'm thinking about scooping up a property in Puerto Rico to pay it for me.

If you cannot qualify this way or if the down payment is an issue, the slow accumulation of wealth through a rental might not be the right strategy at this point in time.

-Form an LLC Here are some of my long term goals (The Why):-Accumulate $1M in net worth through assets by December 2025.

If going for the refinance (investment loan) option, you'd either need to come up with another 20-25% deposit, or have already accumulated that or more in equity (according to Lender appraisal) in order to qualify (separate to how much you need for your next primary, also). 

An implication of this is that if I held a property for 10 years and accumulated, say, $100,000 in cash flow over that time, there's no way that I'd actually have $100,000 in cash in a bank account because I'd have put it in an interest-bearing account long before then.