Shari Posey - I use either private money or HELOCs.

It was a HELOC on an investment property.

So a HELOC would give us about $18,000.

After reading lots of new books, listening to a million podcasts, and then applying for HELOC's and Refi's through multiple lenders, I was turned down by everyone.

Also, that loan has pretty unfavorable terms, and I'd like to think now I'd be able to get something much more in favorable, better rates and terms.So given that, would you recommend a cash out refinance or HELOC?

An appraisal would be even more accurate and it is what a bank would use to determine any potential cash-out loan proceeds or HELOC.

As far as funding, I would look to see if you can use a cash out refinance or HELOC on your personal residence.

To pull money out via HELOC you can only borrow a max of 80% of the home value (for primary residences, but since you're converting to a rental, likely just 70-75%), less what you owe. 

I am planning on using conventional 80/20 conventional financing AND using a Heloc against my current home for the down payment + closing costs.

I manage it myself and its been "so so" as far as doing the distance things but its kind of a PITA and don't want to do it that way again....We just paid off our primary residence and have a TON of equity in it, so we got a HELOC and are ready to start buying....but I cant find sh*t in CA.....so just started to read about turn key plans.....looking for a place to start, referral on who and where to invest..... so I'm very "green" right now.... but it may be my best option too....