The goal would be to pull enough equity from property 2, 3, 4, ... to both payoff property 1’s Heloc and fund the down payment for subsequent investments.

Would/coukd the HELOC be “revised” or “revoked” if I’ve not used/pulled any funds out?

I've been reading and listening to the media from bigger pockets for the past 5 years, and at the end of 2017, I pulled the trigger to buy my first rental property. 

However, with this strategy, you require your credit to be pulled multiple times to refinance the loan (and for me, I finance my first purchase as well). 

I’m thinking of selling to pull some money out, but know I need to do a 1031 exchange to avoid paying capital gains on just about the entire sale price.

Since i bought it last year, the market has gone up about 13% which put my property below 80% LTV. i just pulled a HELOC out of it in hopes of using it to pay off my debt to increase my FICO.

You'll want to decide if you are pulling out any cash with the refinance or just refinancing it into your name and keeping the equity in the property, first.

An 8-plex at 1017 E MCKINLEY ST, Phoenix, AZ 85006.So ultimately, you've got a case of seller/listing agent pulling an asking price out of their rear end and completely ignoring reality.You get this for $300k (what it's worth -- or less) and your PITI drops to $1,555 and suddenly this deal makes a whole lot more sense. 

However if I go hard money, I can refi my existing property sooner, pull the cash in less than 30 days in time to cover the 25% for the 5th deal (the other 75% will be  a different PML).That said, should I wait to get approved on the conventional and risk losing this other deal or go hard money, get the 5th deal and deal with the higher interest on the hard money? 

I finished the job in 3 months and refinanced it, pulling out about $40k.