I can't do a HELOC.  

Our last 2 experiences in getting an appraisal for a line of credit or cash out refinance, our appraised value came in drastically lower than houses are selling for in the area and comps included many properties which compared to our home when we bought it (before the rehab)>> Has anyone else experienced a drastic difference in appraisal values on properties between those being purchased/sold vs those being refinanced for cash out or HELOC?

We took out a HELOC for $15,000 to get new roof and new windows back in 2003. 

I initially was thinking about opening a HELOC to fund my downpayment until my broker suggested this loan. 

I'm not exactly sure about the situation, but it seems like you must have done a refi or HELOC and took some cash out of this property.

I also received an additional 200K in "heloc" in case building needed emergency injection of cash.

What's the balance on that HELOC?

.: Any time you have more than a 20%+ equity in a property, open a heloc.

The plan was at this point level out, learn to landlord and a year later do a heloc or refi on these homes to leverage equity into new homes.

I'm not necessarily looking to use the HELOC, I simply want the option to.