Every property in a location can perform differently based on many different variables.Just find properties you like and evaluate them individually. 

Our current lease, based on a template, prohibits subletting, so I’m not fully aware of the pros and cons of this arrangement.

The ironic part (based on Realtor.com claiming crime mapping penalizes black and Latino communities) is that my neighborhood in Crenshaw was pretty much all black and Latino. 

The main face behind them is Ron Phillips (never spoken with him though) they are based out of Utah but do business where the numbers work well.

Helocs must also be calculated in underwriting based on fully exhausted payment meaning even if you only use a portion during the next purchase they underwriter will hit you with the full payment for risk.Cash out on the other hand is a liquid reserve tax free and it only requires (1) mortgage/lien.

The new land is a 5 acre parcel.

We only lightly sanded/roughed surface of cabinets after a thorough cleaning and time to dry, then we primed with a water base heavy duty primer (we used 1-2-3) and got Enamel Sherwin Williams paint (like $100+ gal). 

This is more advanced strategy here based on your AGI and goals so a personal sit down here would be better.

You would get an initial advance that is based on the current as-is value + the money to rehab the house in the form of draws.

Shawn - I would suggest you develop a pro forma based on the stabilized state of the property to understand if it cash flows once all units are occupied being sure to include all reasonable revenue assumptions (rents, vacancy factor, etc..) as well as expenses (debt payments, maintenance, utilities, property management, taxes, insurance, turnover costs, etc..)