I spent quite a bit of time in the Jackson area playing MRA, JA and Prep back in the day.

I would consider it, but living and knowing the Memphis market, the purchase location plays a big part.I see that this was posted in 2010, so I am assuming you have had many replies and probably don't have the property any longer.Tommy DouglasTDHomes4U LLC

Playing an appreciation game can be risky.

Wouldn't the equity I have play a factor in this?

Quote from @Randy Achi: This is where a mentor would come into play big for you!

We are under contract on another right now, but it's an appreciation play.

Play the long game and focus on rent and home price appreciation.

A HELOC gives you flexibility since you can draw as needed and only pay interest on the amount you use, which might be useful if you’re not sure exactly how much you’ll need upfront.That said, it’s important to compare the interest rates between a HELOC and your expected returns in the stock market—if you’re making more in your investments than you’d pay in interest, it could be a good play. 

Again several factors at play but just providing information based on your criteria.

Right on cue, we see 0 to 1 at play from @Eric Carr.