Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.

There are ton's of facebook groups where investors and buying and selling to one another as well.

Can you hold on to anything you buy for 2 years before reselling? 

Buy a good asset with a responsible amount of leverage.

Unless perhaps you're buying a multi-million $ unique home. 

So, you would want to have a plan ideally BEFORE you buy the property if pulling cash out is part of the long term plan. 

@Nathaniel Dean Morrisonthis question seems to be getting asked multiple times a day in the forums.if you're asking: should you use a HELOC to buy an investment property, because you don't have any actual cash? 

Quote from @Celestine Shalhout: You want to buy an investment, but can't afford one in your neighborhood.

Buy a SMF and live in part of it?

I say this to show I understand we'd all be buying cash flow properties at a 33% discount.