HELOCs do have lower closing costs but the rate is adjustable and it changes to a different product after 10 years.  

@Joy Buell By making too much money you mean your adjusted gross income, which makes you ineligible to take losses from the rental properties? 

I am fine eating a few thousand up front to benefit in the long run, but will still need to sell my house for a profit (let's ignore whether or not I can get X dollars above what I paid just 6 months ago).

So while a Fannie/Freddie loan will be a 30 year fixed rate that is pretty low...a portfolio loan might be an Adjustable Rate (which will make your payment change), or only a 15 year term (which will make your payment higher), or have a higher rate all together...and I have seen many a portfolio loan that has all 3 of those features. 

I can speak only regarding direct mail as that is the marketing method I have used with success very recently due to adjustments of mind and marketing Our markets may be different.

Now there are some creative ways of benefiting from representing yourself.

i'd borrow against the annuity and/or see what RE tax benefits are available and purchase an income producing assest, depending on your RE goals of course. 

I felt that any potential benefit or profit from buying the duplex was out weighed by the risk if when that septic system would need replacing.

I don't see how a rooming house would benefit the neighborhood..

We could refi if there was a “benefit”, just not cash out.