Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

If all of them have a garage and yours does not that will either put you at a lower ARV then what you thought, or a longer time on market.

if you need $200K for a project, no one is going to loan you $200K - you need a down payment, holding costs, and you need to know what you're doing or you'll just turn that $200K into $150K.good luck

Should give you an idea as to whether it's worth it or not.  

They told you the rent amounts, they should tell you whether they have leases or are month to month. 3.

You can use FHA with 3.5% down or Conventional with 5% down for a property liek this. 

Feel free to pm me or email. 

I decided to look into an official duplex or triplex putting 150K down that has value add with renovations and potential unit add but it wont have as much equity because it will be an on market deal. 

Just putting this out there for some feedback and wisdom. I have a couple of investments and am about to jump into a Short term rental while still being a w-2 employee. My son (age 24) however, is an independant contr...

Quote from @Deirdre Lizio: This is not an "either-or" consideration.