I'm not sure how the HELOC side of things work... but if you were to do a loan it's REALLY hard to get one below 50-55k.

I wish I had known to just do a heloc then.

So yes you could do a HELOC or a cash refi (I didn't know that there was a difference but there is!)

Open up a HELOC?

The same lenders that won't give you a cent to spend on a cash-flowing property might be eager to give you a Heloc.

It is a hot market with little inventory, if there is equity in the property and you are looking for liquidity to invest, is there an option to refinance or do a HELOC?

Once the consumer debt is gone you can refinance the house or take a HELOC and invest in rentals. 

Financing StrategyOwner Finance – HELOC (down payment 10%) + private lending (Rehab) / Refi at ARV 100k+ / negotiate monthly note or pay in fullThe DealPurchase Price: $50,362 (25% disc from $67,000)Loan Interest: 6%ARV: $97150*I averaged this from surrounding properties, should rehab cost be added to this?

I did not have to screw around with all the back paperwork, appraisals, etc.... and he made a quick 10K for himselfFor the rehab funds, I looked at different ways such as credit cards, HELOC, etc... and finally asked 'good friend #2' whom I knew had pretty large liquid assets including CDs at low rates, etc...

Just applied for my first HELOC so I can hopefully purchase my first rental property.